"I feel like I have someone holding my hand"
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.
Buying her first home felt very daunting, but Jadine from Nottinghamshire is now happy and settled in her new home, with a great community around her.
Lockdown felt especially tough for Jadine. In her mid-twenties, and back with mum to help save for a deposit on a new home, she was desperate for some independence.
The aim was to spend a few months saving as much as possible, but it wasn’t proving as easy as she’d hoped. “Lockdown made it so much harder,” she explained. “Suddenly no one was offering 5% deposits.”
She’d never considered buying a shared ownership home, but one day, whilst on Right Move she saw some new homes for sale: “The price was so low, I just had to click on the link. The advertised price was for 75%. That’s when I started to seriously consider buying ‘part’ of a house.”
Jadine was able to secure a mortgage for 75% of the home’s value and pays rent to NCHA for the remaining 25%. She said: “If I hadn’t bought a house this way I would have been at my mum’s for much, much longer.
“I’ll be honest I was a bit judgemental about it before. I thought it was for people on really low incomes or benefits. I think there is a bit of a negative reputation out there. But I looked into it. I chatted to friends, read blogs. I realised that it was actually a great affordable option for singles, couples, young families … anyone. The affordability of it definitely swayed me!
“I realised that buying my shared ownership home from NCHA; not only was it more affordable for me, but even fully priced my home is cheaper than many other new builds I’ve seen nearby. I feel like I am paying a fair price.
“This is my first step on the property ladder, my first home. The plan is that in five years I will get a mortgage for the remaining 25% and after that, I can move on to a larger home.
“I’d only ever been looking at new builds. I don’t want the expenses and worry of repairs that can come with an older home. I have a warranty on the house, and I don’t need to worry about DIY jobs!
“Doing this on my own, I feel like I have a bit of a safety blanket. I don’t own all of it, so I feel like I have a ‘buddy’, someone to share the responsibility. I have a phone number to call, I have an estate officer. I have support. I don’t feel like I am doing this alone. I feel like I have someone holding my hand.
“There’s quite a few of us here on the estate that have bought on our own. We’re all in the same boat and it feels super safe. We all moved in at the same time and we’ve created a little community already. It’s been a proper lifeline over the last few months.”
“Just a few months ago I was stuck in my mum’s box room, on a single income and in a pandemic. Now I own my own home. Shared ownership has made it possible.”