Lauren gets the home she always longed for

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.”