“A legacy for our family”

On a new development on the outskirts of Derby city, Chris and his partner Karin are enjoying their new home, overlooking park land that’s perfect for long walks with the dogs.

The couple moved into their two bed NCHA home in mid-December and Chris’s partner could not be more delighted: “This was my Christmas present! It’s beautiful.”

“We lived nearby and watched these houses being built,” explains Chris. “We’d walk past the site with the dogs and wonder if there could be an opportunity for us. We enquired at the estate office about affordable homes and they put us in touch with NCHA.”

“I’d heard about shared ownership before in the media, so already knew what it was. This is my first ever home purchase. I’m approaching 60 now, and I thought time had run out for me to get on the housing ladder. But shared ownership has given me that option.”

By getting a mortgage for only 50% of the property’s value, Chris was able to take out a shorter term loan.

“It is such a relief to own our own home. I have rented my whole adult life, and had begun to realise that as you get older, the rent continues to go up, but your income goes down. I started to get worried for the future. This was an opportunity to make a change, an opportunity to leave a legacy for our family.”

Looking to the future, Chris is keen to staircase, to purchase a bigger percentage of the property. “The idea is that we pay off the current mortgage and then look to buy more, maybe even all of the property in the future.”

“NCHA explained the whole process and we went from there. My bank don’t offer mortgages for shared ownership properties, but I found a mortgage advisor who easily found one that does. I did have to answer a few more questions to the bank because of my age, but we had no issues at all in securing the loan.”

Moving in to a new property certainly has its perks, and a freshly decorated home, complete with integrated kitchen appliances has greatly reduced the costs and stress associated with moving house. Though Chris and Karin are still keen to put their own stamp on the property: “There’s still a bit of decorating we want to get done.”

Full of praise for shared ownership, Chris comments: “I’ve already mentioned it to our daughter. If you’re paying full rent, why don’t you pay some of that towards a part mortgage, and a more secure future.”

What advice would Chris have for anyone considering shared ownership? “Don’t be afraid of it. It’s a straight forward process. You’ll get all the help and support you need from NCHA. We were allowed to visit the property as many times as we wanted to measure up for the carpets and furniture. Everyone was so helpful.”