Being a busy, working, single-mum didn’t stop Trish Lapworth (39) from Newbury achieving her dream of buying her very own apartment at Newbury Racecourse for her and her two children (aged 3 and 14) to call home. After finding out about shared ownership, she knew it was an excellent way to get on the property ladder with a single salary and smaller deposit.
“I lived on the other side of Newbury at my parent’s house and was determined to buy my own home; however, I was unable to afford a mortgage on my single salary in line with the property prices in Newbury. I had heard about various schemes that the government offered and did some research online to find out more. Then, a couple of years ago, I went to a Help to Buy show to find out whether I was eligible, complete a financial assessment and learn about how much deposit and other costs involved in buying a home.”
Having moved in before Christmas, Trish and her family are now well settled-in: “I love my new home! It feels amazing to call this beautiful, modern, brand new flat mine. I love that it is warm and inviting, easy to maintain, and even has a view; I can see Donnington Castle from my balcony on a clear day.”
Meet James and Jasmine
A lot has changed in the last year for James and Jasmine (both 24) since buying their first home together, but not their enthusiasm for how shared ownership with Sovereign Living helped them get on the property ladder in Thatcham.
Much has changed in the last year for the young couple since moving into their two bedroom house at The Apiary, for one Jasmine has changed jobs. “This has allowed us to spend more money on the property and start putting our stamp on it. We were so used to living apart, so the last 14 months have been amazing as this has been something we have been working towards for years,” says Jasmine. “We love having our own home, and we are really enjoying decorating and making it personal to us. We love the layout of the property and really like the area the house is in.”
James and Jasmine put down a 5% deposit which they had been saving for whilst living separately at their parent’s homes. They also factored in costs for flooring, legal fees and a moving van, as well as treating themselves to new furniture.
Thinking of their next year and beyond, “I see us living here and eventually growing into a family. This could be in our current home, or eventually in a bigger property if we get the right opportunity to sell the property and make a profit.”
Meet Jen & Luke
Engaged couple Jen Carter (26) and Luke Bradley-Driver (25) had been living separately with their parents so they could save a deposit for a home together. Knowing that they wouldn’t be able to afford a full mortgage made shared ownership the perfect option for them to get on the property ladder. Now they’ve moved into their own two-bedroom apartment at Castle View on the edge of Newbury, and the couple are happier than ever.
“One of our friends bought their home with shared ownership and it seemed to work for them, and Jen’s aunt is still in the same house she bought with shared ownership 20 years ago. It’s a good way of getting on the property ladder, and we’re getting a bit more back than if we were renting. It’s much more affordable than Help to Buy as you still need to be able to get a large mortgage if you buy that way," said Luke.
The couple put down an £11,000 deposit with Leeds Building Society on a 40% share of their home and pay a monthly rent of £268.75 on top of their mortgage repayments, plus a service charge for the upkeep of the communal areas.