Shared Ownership Week: Home Sweet Home
Shared Ownership Week starts today, Thursday September 20, and continues until next Wednesday September 26.
It aims to raise awareness about the scheme and how it works. Many housing associations, housebuilders and developers in our area offer shared ownership properties. Here, one family tell how they have been able to buy a new home through the scheme, thanks to Magna Housing.
A DORSET family, who never dreamed they would, have been able to buy a brand new home in a village near Dorchester.
Ryan Cottrell, a transport manager, his wife Kirsty, a senior care leader, and their two children were renting a three bedroom house in Sydling St Nicholas for 3 years.
They loved living in the village in West Dorset but dreamed of buying a place of their own.
They looked at buying a property on the open market but prices were out of reach as they did not have sufficient savings for the deposit required to obtain a full mortgage.
Ryan said: “I spotted a two bedroom house being advertised on a shared ownership basis on the village notice board while taking my children to the park”.
“I got in touch with Magna Housing, completed the application form and was invited to view the property.
“There is no way that we could have afforded a family home in this area without the shared ownership scheme.
“We are looking forward to moving in, it will be a great feeling, knowing we are now paying towards a home of our own rather than the landlord’s mortgage”.
The couple are currently in the process of purchasing the two bedroom, end of terraced house at the brand new development at Broadridge Views.
They have applied for a mortgage with Leeds Building Society to purchase a 75 per cent shared and pay a rent on the remainder.
They can choose to buy more of the property as they can afford to do so or can sell up and receive 75 per cent of the proceeds.
When Kirsty viewed the property at the open day, she found it to be modern, light, spacious and she was pleasantly surprised at the size of the garden.
The Cottrells are delighted that they can remain in the area where the family has become an active part of the community.
Dorset is one of the most beautiful places to live with many facing major housing issues with increased demand for homes with many people struggling to earn enough to afford the price of a property with some people moving away from the area.
Shared ownership is a great alternative to renting and perfect if you can’t afford to buy a house on the open market.
If you want to find out more information on the shared ownership scheme, contact Helen Rafferty- sales and marketing manager at Magna Housing – tel: 013505 214053 and email: firstname.lastname@example.org
(Many thanks from Opening Doors to Magna Housing for use of this case study)