Jessica's story

First time buyer Jessica struggled to get a mortgage due to her job, and after raising a 5% deposit for her new home, was asked to double her deposit at the 11th hour

Getting a mortgage as a freelancer or contractor is notoriously difficult, and a staggering two in three self-employed workers believe mortgage lenders treat them worse than those who are employed with a regular salary, according to new research from Aldermore [1]. First time buyer Jessica Brough (31), a contractor in the precious metals sector, struggled to get a mortgage due to her job and after raising a five per cent deposit for her new home at SO Resi Ware in Hertfordshire was asked to double her deposit at the 11th hour.

Jessica was able to raise her deposit to 10% equating to £7600 thanks to lockdown restrictions offering her the opportunity to stash the extra cash. With her mortgage accepted thanks to the larger deposit, Jessica was able to purchase a 25% share in a two-bedroom apartment at SO Resi Ware for £76,000.

Prior to moving into her SO Resi apartment, Jessica was paying £850 a month for a small one-bedroom apartment, also in Ware. She had moved into the apartment with her boyfriend, having previously lived in Clapham Common, where she paid £850 for a room in a shared house.

Jessica comments: “Our outgoings are now £920 a month including our mortgage (£256) and SO Resi payment (£664) – it’s incredible when you compare this to what we were paying to rent a tiny apartment around the corner. Shared ownership has been a lifeline to me, as I didn’t think I would ever be able to buy my own home. I have secured my future, and that of my future family, which is an amazing feeling. My family are so proud of me! I currently own 25% but I hope to eventually staircase to 100% over the coming years, as and when finances allow.”

“The apartment is fantastic. I went into the sales suite, spoke to the team about my budget and picked my property blind having fallen in love with the showhouse. My apartment is in the block facing the river and my balcony looks onto the water. I cannot tell you what that means to me, when I was a child, we used to have a stream at the bottom of the garden so have an affinity with the water. My morning coffee and a glass of wine in the evening are always on the balcony with me daydreaming watching the river.”

Kush Rawal, Director of Residential Investment at Metropolitan Thames Valley Housing, comments: “The gig economy is growing in popularity, with freelancing and contracting becoming the norm, especially with those under 40. Shared ownership provides the flexibility to enable such buyers to start moving up the property ladder by buying a share, and gradually increasing ownership over time as and when they can afford to.”