Kal has a warm, bright future

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.

Kal is a 61 year old single working mum and grandmother who was struggling to afford a comfortable home. Having lived in a council house for 22 years, which was in need of repairs, she was hoping to make a fresh start.

The children have left home, so Kal was looking for somewhere which was easy to maintain, warm and comfortable to suit her older lifestyle.

Her daughter Kirren worked as a Senior Sales Negotiator at NCHA, and had also been through the process herself. She explained the benefits of shared ownership and helped her mum find the perfect new home.

Kal applied through the former Help to Buy website to check she was eligible for a shared ownership property. Shared ownership is not just for young first time buyers. Having been successful in the application process, Kal now owns a brand-new two-bedroom house at Pelham Waterside in Nottingham.

As a shared owner, Kal owns 25% of her property which is valued at £210,000, and has a mortgage of £26,250. Her total monthly payments are under £600 for rent, mortgage and service charge.

The location was a selling point for Kal as the development has easy access into Nottingham, and is also close to her family. “It’s a lovely quiet community with nice neighbours, located by the River Trent. We had a street party which enabled us all to meet and enjoy each other’s company.”

Kal’s shared ownership journey from reserving her home to being handed the keys was a relatively easy process. “The exchange to completion was within 12 weeks, I exchanged in the first week of November and the house was built and finished in October. The only delay was getting the solicitors to do what they needed, but that was because of Covid.” Kal had only praise for Kirren and how she helped her through the process, “Kirren has been amazing throughout and has guided me along the way.”

Shared ownership is a great way onto the property ladder if you are a one salary household. The ability to buy a smaller share is why many people choose shared ownership. Kal can stay owning 25% if she chooses, or in a few years she could decide to purchase more of her home and own a larger share when finances allow. This process is called ‘staircasing’ and is a great option for people to own more of their home. “I'm planning to buy more shares in the future as it’s a great investment.”

Kal’s experience of buying with the help of shared ownership has given her a much brighter future. Having now lived in the house for nearly a year, Kal feels settled, secure and warm and has been recommending shared ownership to all her friends and family.