Securing The Future Buying Through Shared Ownership

Posted 27 April 2020 by Keith Osborne

Stephen Edge used Shared Ownership to secure a two-bedroom home at Broughton Gardens in Crewe, Cheshire...

Using the government-backed Shared Ownership scheme, Stephen Edge was able secure a two-bedroom home at Guinness Homes’ Broughton Gardens in Crewe, Cheshire.

“I have lived in Crewe for a long time, just around the corner in a rented property, which I have resided in since 2012. I wanted to make sure my future was secure and that was when I started looking for somewhere, I could buy and could settle down properly,” said 53-year-old Stephen, who works as a salesman at Mercedes-Benz in Macclesfield.

“At Broughton Gardens, I thought the layout was fantastic and the size of the home suited me perfectly. The location is also just a short journey to my work which makes life easy.”

Broughton Gardens comprises a collection of two-, three- and four-bedroom houses available through the Shared Ownership scheme and benefiting from lawn gardens, dedicated parking and attractive green areas throughout the development.

Broughton GardensStreet scene from Broughton Gardens

Stephen continued: “Shared Ownership really suits me because the mortgage is affordable, and the additional rent is only a little bit extra which, as I have bought alone, is ideal and has given me the opportunity to get on the property ladder as a single person. I chose Broughton Gardens because of the Shared Ownership option, the fact that it is a new-build and because it is in the exact location that I wanted to live. None of the other homes I looked at lived up to these three factors, so I was really lucky to find somewhere that ticked all my boxes.

“In terms of living in a community, I get along well with a few of my neighbours who like to chat and we cross paths regularly. When I initially moved in, my next-door neighbour gave me his password to his wifi so I could listen to my radio before my wifi was set up yet, which was a really nice, friendly gesture. I am also a keen golfer and I am a member at Sandbach Golf Club, where I have many friends and love to go and play regularly, which makes living here perfect as I am just ten minutes from the club.”

Looking to the future at Broughton Gardens, Stephen said: “I am looking forward to doing quite a lot with the garden in the spring. It is a perfect size for me, but I want to make a few changes, I am planning on extending the patio to make it a bit larger and I might put down artificial grass which is so much easier to manage. I am looking forward to having my family, who live about 40 minutes away in Chester, to come and stay as I am now all settled in and ready for visitors.

“I would definitely recommend Broughton Gardens to friends and family, especially the second phase of the development, which looks fabulous. For me, Shared Ownership was a brilliant solution. It suited me perfectly and will be ideal for a lot of other people, both my age and younger people who are desperate to get on the property ladder and don’t have a large disposable income. The rent I was paying before was slightly less than I am paying now but it’s completely worth the change as I am investing in my own property and securing my future.”

Prices at Broughton Gardens start from £43,750 for a 25% share of a two-bedroom house (based on a full market value of £175,000).

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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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