‘Thanks to shared ownership, I have a flat of my own in an area I love’
Despite spending six years saving up for a deposit, Victoria Moffett, 33, started to lose faith in her prospects of owning a home of her own in London.
She said: “I had been looking on the open market for some time but stopped my search altogether because I found it too stressful - the only places I could afford were not the kind of places I wanted to live.”
Since then she started to look into shared ownership and Victoria spotted Banbury Park, a new 250 home development in Walthamstow, and promptly arranged a viewing.
“It soon became clear that if I realistically wanted a decent place of my own, which was in an area that I knew as my home, shared ownership would be an ideal solution. Having rented for a little while in Walthamstow I knew the area well and also thought I was likely to be eligible for shared ownership at Banbury Park.”
Victoria, who works in communications, said: “When I saw the new development, I was very impressed. The great thing about new builds is that everything looks pristine and clean. Its great transport links in and out of London are also very handy for my job, which involves a fair bit travel.”
At Banbury Park, Victoria was able to secure a 40 per cent share of a one bedroom flat for £125,600. Although her monthly outgoings at around £900 (which include service change, rent and mortgage repayments) are slightly higher than they were when she lived in shared rented accommodation, she feels this is worthwhile for the benefit of the security that comes with living in a shared ownership property.”
She said: “To me if feels like the extra money I'm paying is justified for the added security of knowing I have more control over my living situation, as well as contributing towards an investment for the future. Besides I am paying a lot less in general than I would’ve done had I rented a place of my own.”
“Now I am in my new home, it feels like a real achievement. I can’t wait to start decorating, having friends over and making it feel like my own - it’s a great feeling.”