Hi, we’re Alanna & Alex, a couple in our mid-twenties who have recently moved into our new shared ownership home in east Hampshire.
Our shared ownership journey
Before moving into our new home, we were both living separately with our parents and saving for our deposit. Initially we were looking to purchase on the open market but unfortunately we weren’t accepted for a full mortgage. That’s when we looked into shared ownership and discovered it was a much more affordable option which allowed us to buy much sooner.
We were both saving before we met and carried on doing so together. In total, it took us just under 3 years to save but this also allowed for all the other charges to be covered, including legal fees and spare money now that we have moved in.
We set up a separate bank account solely for house funds and made sure to put money away on each pay day – this couldn’t be touched until the account was closed so once we had transferred the money, this was completely put away for the deposit! We also had a helping hand when lockdown restrictions were put in place as this stopped unnecessary purchases.
Applying for our new home
The application process was simple and stress-free! The process took about two and a half months from our first enquiry, through to getting the keys to our new house. We managed to move in just before the Christmas break, we were both so excited and felt an enormous amount of relief on completion day.
Our friends and family hadn’t been aware of shared ownership but since moving into our new home, other family members are now looking into it themselves. We’d recommend Sovereign to anyone looking at buying through shared ownership – everyone was really helpful throughout the entire process. An extra special thanks to our sales consultant Charlotte for helping us at each step of the way and keeping us updated throughout the whole process.
Our new home
Our home is a beautiful 3 bed house in east Hampshire. We chose this location as it’s conveniently located halfway between both of our workplaces, close to major transport links and is fairly local to the area we already know.
Our favourite part of the house is definitely the kitchen as we both really enjoy cooking – this was the first room we unpacked as we were both so excited and couldn’t wait to make it our own! We’re especially looking forward to putting our own stamp on the house, as this wasn’t something we were able to do when renting. So far we’ve done the basics of putting the curtains/blinds up and built all the furniture, and over the past few weeks we’ve really started to make our house a home by hanging pictures on the wall!
Once the retail world opens up again, we’re really looking forward to browsing the home & DIY shops so we can continue to decorate and make our house more homely. We’re really looking forward to having both of our families come over to visit once lockdown restrictions have eased.
Now we’re homeowners, we have much more freedom and responsibility. We see this as a stepping stone to owning our home 100% outright - we plan to be here for the long term and raise a family.
Think shared ownership could be for you? Start your search for your brand new home today.
FAQs
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.
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.