Get on the first rung of the property ladder with shared ownership

Getting onto the first rung of the property ladder can seem an impossible struggle; but Plymouth couple Amy and Julian Relf have moved into their dream home thanks to Westward and Help to Buy’s Shared Ownership scheme.

The first-time buyers are now the proud joint owners, with Westward, of a two-bedroom home in the stunning location of Boston Close, The Boatyard, Oreston, overlooking the entrance to Hooe Lake.

Amy, 34, a deputy manager at a nursery and Julian, 45, who works for Virgin Trains, had been renting together for 18 months in nearby Plymstock after marrying in 2014 but were struggling to get a mortgage on a property of their own.

She said: “We weren’t able to get a mortgage for very much and looked into other options. I knew about shared ownership from other developments and now our money is being invested in our home rather than just being wasted.” 

The couple have got a mortgage of £69,000 to purchase a 40% share of the £172,500 property and have the opportunity to eventually own the property outright through buying a greater percentage of shares, usually a minimum addition of 10%, in stages known as staircasing.

“Buying more shares is something we will definitely think about. We are really pleased with the home, it is built to a really high quality and our bedroom overlooks the lake, it is a really lovely area,” said Amy.

In order to be eligible for shared ownership you have to meet some basic criteria –

• Have a household income of less than £80,000
• Do not currently own my own home or am named on the legal deeds of any property.
• Can raise sufficient money to cover fees and understand mortgage lenders may require a deposit.

Westward had 5 two-bedroom terraced houses in total available for shared ownership at The Boatyard which have all been sold.

Westward’s shared ownership homes are part of a major waterfront development of 53 houses by Cavanna Homes. The site in south-east Plymouth is a former quarry that has, until recently, been used as a boatyard, adding a unique character to the landscape.

It is less than 1 mile from the main road, which provides easy access to central Plymouth, the South Hams and the A38.

Councillor Chris Penberthy, Cabinet Member for Cooperatives and Housing for Plymouth City Council, said: “This is a fantastic development, making excellent use of a former quarry site, and the shared ownership homes were made available through a Section 106 agreement.

“Shared ownership offers an opportunity to access low cost home ownership, helping people on lower incomes to get a foot on the housing ladder. The Government also recently relaxed rules on shared ownership eligibility criteria also, which means more people are now eligible to participate in shared ownership schemes.”

More information on shared ownership is available via Help to Buy South West at www.helptobuysw.org.uk

Westward have 5 three-bedroom shared ownership properties coming up at Cherry Tree Gardens in Pennycross, Plymouth this Spring.