As a busy single mother, Lauren longed to own a home of her own and give herself and her son more security for the future.
“When I realised I couldn't afford to buy as a single parent with one person’s salary I started thinking about shared ownership. This would give me the option to own a share of a home rather than continue renting."
Lauren lived nearby in a 2-bedroom home with her son, paying £1,100 per month in rent when she decided to make a change. It took her a year but after working and saving hard, she finally had enough for a deposit and was able to begin house-hunting for her perfect shared ownership home. “The process from start to finish took 8 months - the only delay was getting the mortgage because of Covid.”
Perfect new home
Now moved in, Lauren can breathe a sigh of relief now owning her perfect new home for her and her child. “I am now a proud owner of a home and I am putting money into something I own. It also gives my son and I more security.”
The little things like decorating and making decisions about your home is a new experience for people who are used to renting. Lauren cannot wait to get stuck in and decorate her new home, she first plans to start with the garden and put in a decking area. Having a nice garden space is essential to Lauren and her son with all those months in ‘lockdown’ in early 2020, having a safe space for them both to be outside together has become top of the priority list.
Having more options
Shared ownership is a great way onto the property ladder if you are unable to save for that big deposit, or like Lauren, are a one-salary household. Buying a lower share and getting on the property ladder affordably is why many people have begun choosing shared ownership. Lauren can stay owning 40% if she chooses, or in a few years she could decide to purchase more of her home and own a larger share when time and finances allow. This process is called ‘staircasing’ and is a great option for people to own more of their home, Sovereign have a dedicated team to help if you decide to do this. “I'm planning on living here for 3-5 years and then hopefully sell and move into something with a higher share depending on the property market.”
Lauren hopes if anybody she knows starts looking into shared ownership that she’ll be able to lend her expertise and experience of her own journey, “I haven’t spoken to anybody yet, but I would recommend it to anyone if they can't afford to buy on the open-market and want to get out of renting.”
We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left. It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
Find out more
You buy a share in your home that’s right for you. That could be from 25% up to 75% initially. You’ll pay a reduced rent to us on the share we own and a monthly service charge.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.
- As long as you are over 18
- Your household income is less than £80,000
- And you don’t already own a home at the time of buying your shared ownership property
… then shared ownership could be right for you
Some properties may be bound by local connection restrictions in order to make them affordable for local customers. We'll let you know if there are any restrictions in place when you are searching for a property.