Buying a home on a single income

30-year-old accounts assistant Tamsin Abrams didn’t let her single income quash her dream of owning a place to call home for her and her six-year-old son. After an easy application process, she now lives in a stunning two-bedroom house in Bampton, West Oxfordshire.

Not only for first-time-buyers

“After selling my previous shared ownership flat in Carterton, we moved in with my parents for a few months. I wanted somewhere bigger and with a garden for my son, but I didn’t think I would be able to afford to buy again. After finding out that I couldn’t afford to rent by myself I looked again at shared ownership, more by accident after seeing a friend on Facebook sharing her house for sale on Sovereign Living’s website, fully expecting not to be able to afford it. I searched for other property Sovereign had nearby and that’s where I discovered Oakwood Gate. When my application came back I was surprised to find out that I could afford it!” 

Tamsin needed a 12% deposit of the share she bought and also had to pay her financial advisor for arranging her mortgage. The application process was largely online, which she found easy. 

“When my application was first accepted I went to visit the site, but the street was completely blocked off because they were still building the houses. Looking around the area still gave me a good feeling. It was even better when I got the appointment to be able to view my property; I was very pleased with the quality of finish. I was given a choice of two houses in the street, and I gave the final decision to my son as he liked the shape of the garden.”

Everything I wanted it to be

And now Tamsin has moved in is she just as pleased? “It feels great. I’m so proud of myself to be able to own my own home, as without shared ownership there was no chance I’d be able to.” 

Tamsin highly recommends shared ownership as a way to get on the property ladder. “Because you own a percentage of your home, it’s yours. You can buy more shares of the property later down the line if you can afford to, or move to something bigger having saved a larger deposit from what you have been paying into your home.” 

“I don’t know what many people think about shared ownership, but I don’t think it’s widely known about so a lot of people don’t understand what I mean when I say it’s a shared ownership property. As soon as I explain though, everyone says ‘Wow, that’s a great way to buy a home!’” 

As for the future, Tamsin is looking forward to settling in. “In Bampton I have a beautiful home in a lovely area, here I see me being happy with what I have. The community seems nice so far, and the town is a nice quiet area.”