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Rochelle's story
Shared Ownership helps bring homeownership into reach for young familyWhen Rochelle Smith (30) moved back to the UK from the Caribbean, she was uncertain when she would be able to afford her own property. At the time she was expecting a child and about to embark on the next stage of her medical training as a Junior Doctor in the NHS. She knew one thing for certain however, she was not prepared to rent. And as data reveals that only one in eight renters can afford to buy in the area that they live, Rochelle was determined not to become just another statistic.1
Three years later, Rochelle’s hard work has finally paid off, having just purchased her first home, a two-bedroom apartment at SO Resi Oxshott, in Surrey.
Rochelle, a fully qualified doctor, says: “Moving back to the UK was a major decision for me during the Pandemic. With my partner still living abroad for work and having an added dependent, it was difficult to build up a sizeable deposit for a home that would immediately meet my needs. At the time, we would have needed at least £35,000 for a deposit in our area on the open market. Which was a really hard task having moved across the world, and having a young family.” Whilst temporarily living with family, Rochelle continued to dream of a home of her own.
“At the end of the Covid-19 pandemic, I started looking at options that would be within my financial reach. I followed a conventional route like many others, by trawling through different property search engines. The concept of shared ownership kept coming up again and again. I didn’t really understand the scheme at first and it seemed too good to be true,” Rochelle says. “I added myself to an email notification about shared ownership homes, and eventually I got an alert for SO Resi Oxshott right at the start of the year. The plan was to look for a property in the Autumn of 2024, to coincide with my partner coming to the UK, but when I went to see the apartment I realised I couldn’t miss up on this opportunity. So I told SO Resi I wanted the property the next day, and reserved it the following week.”
Despite growing up in the UK, Rochelle had spent most of her adult life living in the Caribbean, and had never rented in the UK before. She didn’t feel comfortable spending her hard earned wages on paying a landlord’s mortgage. “Shared ownership proved to be the perfect compromise for us,” she adds. “I think about all of my friends living in fixer-uppers with all their money locked away in a huge deposit, and feel very grateful both that I’m in a new build, and also not mortgaged to the hilt.”
Rochelle was able to put down a 10% deposit of £12,625 on her home, equating to a 25% share of the overall property worth £126,250 (full market value is £505,000). She continues: “I’m so proud of where I’ve come financially, as a first time buyer in the UK. This home is the result of all of the hard work I’ve put in over the last few years, excelling in my job and finding my financial and job footing.”
Rochelle plans to increase ownership in her home over the years, using the SO Resi Plus scheme, which allows homebuyers to increase their stake in the property by 1% each year, with no legal fees attached. She adds: “I already know this home is a long term investment for me. I will absolutely be staircasing each year – it equates to around a £6,000 payment each year, which is very achievable to me, and crucially cuts down the amount that I will pay in rent without increasing my mortgage. My plan is to achieve at least 40% equity over the next few years.”
Kevin Sims, Director of SO Resi, comments: “Shared ownership is the only realistic option for first time buyers in high value locations such as Oxshott, where buying on the open market is a privilege reserved for equity rich already-homeowners. Shared ownership instead offers a way to homeownership without the worry and burden of a huge deposit or ‘marathon’ mortgage, both of which are a huge source of financial pressure. Life is expensive enough for first time buyers, particularly those with young families. Homeownership should not be another immense financial hurdle for this demographic.”
SO Resi Oxshott comprises a selection of just 11 homes in a beautiful woodland setting in Oxshott, Surrey. Currently available are just a handful of one and two-bedroom apartments, with prices starting from £106,875 for a 25% share of a two-bedroom apartment (full market value is £427,500).