“A secure tenure and manageable rent”
Shared ownership is an affordable way to buy a home of your own. NCHA's customers have written about their experiences in a series of case studies, to explain what shared ownership has done for them.
Since retiring Margaret has lived around the globe, but she’s now back in Matlock, close to where she grew up. She’s decided she’s staying put, thanks to shared ownership.
Since returning to the UK three years ago Margaret privately rented, but she wasn’t settled. Now in her seventies, she’s was concerned about paying rent indefinitely. She could not afford to buy outright, and was worried about the mounting costs of renting in the private sector.
Her main concern though, was security of tenure. She explains: “I’m older now and I thought ‘who’s going to give me a mortgage?’ But I also couldn’t see myself renting forever. I was worried about renting, not having a secure home. When you’ve got a private landlord they can sell the house at any point or end your contract. I wanted more security than that.”
Margaret had heard of shared ownership, but she wasn’t aware of any properties in the area she wanted: “I grew up in a town near here and I used to work round about. I know the area, I know the people.”
Then one day she found her new home by driving past it! She explains: “I was passing and thought it looked like a really nice new estate, but I didn’t know if they’d have any shared ownership.” She called the site office and they put her in touch with NCHA: “I was thrilled that there were some two-bed shared ownership houses for sale on the estate. NCHA were so helpful on the phone. I’m not very IT savvy, so they helped me through it by explaining what I needed to do.”
With support from the NCHA Sales team, Margaret applied through the Help to Buy website to check she was eligible for a shared ownership property. She was, and in her own words, “After that, things moved really quickly!”
Using money from the sale of a previous home Margaret bought a large percentage of the house outright, leaving her with just a small monthly rent charge to pay each month.
Shared ownership has given Margaret a secure new home for the rest of her life: “Oh, I’m never moving again! I couldn’t be bothered. I’ve moved so many times in my life.
“For me shared ownership has been a good option. I have security of tenure and a manageable monthly rent. I’m under no obligation to buy more of the house. I own my percentage, that’s mine, no one can take that away from me and I can stay as long as I want. The future is in my hands.”