Buying a home is a big decision and commitment and is something that many of us find a daunting process. We spoke to first time buyer, Saba, about what it was like buying through Shared Ownership. So, if you think that Shared Ownership might be the right option for you, here’s what you can expect whilst you go through the process of buying a Shared Ownership home.
Learning about Shared Ownership
The first step towards buying a home through Shared Ownership is learning about what Shared Ownership is. For Saba, she became aware of Shared Ownership in 2013 as one of her friends bought their flat through Shared Ownership. However, Saba still wanted to do some of her own research and found that the SO Resi website was the best source of information that she found as it’s “easy to navigate, it's user friendly and you can find all the information there.” Another great source of information is the Share to Buy website which has a range of guides and videos.
Searching for a Home
Once you’ve got a good understanding of Shared Ownership you can begin to search for a home in the area you would like to live. There are a range of companies which offer Shared Ownership homes across the UK and again Share to Buy is a great place to search for a Shared Ownership home as it hosts properties from and range of providers. When Saba was searching for her home in London, she found that some properties felt dated, she remembers one in particular that felt like it was actually from the 90s, which is why she ended up choosing a SO Resi home. Saba had an interest in the Ealing area and so decided to book an appointment to view the SO Resi Ealing show home and from that point decided to go for it and get a home there.
SO Resi Ealing show home
Reserving a property
The next steps are to reserve your property and go through financial eligibility. This is to ensure you have enough of a deposit and salary to afford the property, as depending on your salary the amount of deposit required varies. At SO Resi this assessment is completed by Metro Finance who will then introduce you to a solicitor who will assist in applying for mortgages. Saba felt the process was very simple and went smoothly, from looking at the show home to moving into her new home took less than a year. One thing that Saba realised throughout the process which she did not know before buying her home was that you do not need to present your deposit for your home until you exchange, which means you have a few more months savings that you might have calculated for.
Would you recommend Shared Ownership?
As a Shared Ownership homeowner Saba would recommend Shared Ownership, she said “as someone on your own looking for a one-bed, I definitely recommend it”. For Saba the benefits of Shared Ownership are endless, for example Shared Ownership is saving Saba money as she explained “what I am paying now including rent, mortgage, service charge, and all the bills is less than what I used to pay in rent”. Saba also enjoys the feeling of owning her own home as she said, “I know that you own a percentage of the flat, but you have the feeling that it's your home”, which is something you cannot achieve with renting.
To learn more and find out if Shared Ownership might be right for you head over to our About Shared Ownership page.
Saba – SO Resi Ealing resident
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Written by the SO Resi In-House Team