Family Find Forever Home Thanks To Shared Ownership

After discovering Shared Ownership coincidentally through a friend, Andreea Gherasim, 29, and her husband Sebastian, 36, bought a 55% share in a three-bedroom house at MY Resi Upton Square worth £138,875 [full market value £252,500].

The couple paid a 10% deposit of just £13,887.50. Prior to this, the couple were renting a two-bedroom home in the local area but decided to make the move to a more spacious home to accommodate their two sons, Marcus, 9, and Lucus, 7.

Andreea, a secretary for a transport company, comments: “We were renting locally but one morning while I was at a friend’s house, I noticed a sign on the opposite fence for Shared Ownership with SO Resi. After saving for the past two years for our first home, my friend encouraged us to apply. Shared Ownership provided a quick win that allowed us to upsize and purchase a new family home at an affordable price.”

Shared Ownership buyers have the option to staircase in increments initially of 10%, then in multiples of five thereafter. As buyers increase their share of the home, the monthly SO Resi payment decreases while mortgage payments increase. When buyers reach 100% ownership, they only pay monthly mortgage payments and any service charges if applicable.

Andreaa adds: “The ultimate benefit with Shared Ownership is that you are actually investing in something and can increase your share in the property overtime at a pace that suits you. We plan to staircase until we own 100% of the home.”

Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing, comments: “Shared ownership has stood the test of time, having provided an affordable alternative route to traditional home ownership for the past 50 years. For first-time buyers like Andreea and Sebastian, shared ownership provides a helping hand for those looking to move up the property ladder. The properties available at MY Resi Upton Square provide the ideal foundation for beginning a new chapter in the perfect family home.”

Andreea says: “Shared Ownership enabled me to become a homeowner in an area I love, close to my friends and family. I can’t praise the team at SO Resi enough for how helpful and easy they made the full process.

“We were initially taken aback by the grandiose of this property as it provides lots of space and light in comparison to our previous home. Our new home here at MY Resi Upton Square has everything we need, from a retail park, local shops, Sixfields area and is close by to the children’s school and work. The boys are most excited about getting a new room to put all their toys in!”

MY Resi Upton Square is perfectly placed just outside of Northampton’s historic centre, nearby to Upton Country Park and River Nene. Potential buyers will find an array of popular restaurants, shops, cafes, a cinema, bowling lane and schools.

For those who need to travel, there is a bus stop nearby providing a regular 22-minute service to Northampton and its amenities or for those who travel by car, the M1 is easily accessible providing links to London, Milton Keynes and central England. Castle Street mainline station is also a short drive or cycle away offering hourly trains to London Euston in under 80 minutes and Birmingham in 65 minutes.

The next phase of Shared Ownership homes will be unveiled at MY Resi Upton Square later this year. For those interested in private sale, a range of apartments and houses are available with prices starting from £140,000 for a one-bedroom apartment.

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