Why Buy into Shared Ownership - Kirsty's Story
Shared Ownership is not a dirty word. For many hard working people it is the only option to have a home that is actually theirs, and it does not mean that you are sharing your home with someone else (apart from those you want too!)
Kirsty climbed onto the property ladder with a Rooftop home to help remain settled in the area that she grew up in.
Kirsty, thank you for talking to me today. You have a lovely home; can you tell me how you got here?
We were living with our parents and decided we
wanted to buy our own house; however, living round
here near the Cotswolds it’s really expensive to buy.
Then we found out about shared ownership and we
thought it was amazing, because we didn’t want to
rent and we didn’t have the money to buy a full price
house. It just wasn’t feasible. With shared ownership
it’s your own home - you are paying a mortgage on it.
We started looking for houses and we were lucky
enough to find this one.
Why were you living with your parents?
I moved in with my parents because after university
you have a lot of debts. Moving back home allowed
me to save, but a lot of my friends are still with their
parents or renting.
How did you know about shared ownership?
I found out about shared ownership on the internet
but I didn’t know much about it. After talking to a
mortgage advisor, I got a lot of information which
opened up this whole new world. We looked for a
house on the internet all the time, but unfortunately
there aren’t many around.
What did you think when you first saw the house?
When we first came to look round we absolutely fell in
love; we couldn’t believe how big and spacious it was.
Coming to a newbuild everybody says they’re postage
stamps. We couldn’t believe how big the house was
and we’ve got a really big garden. Having a newbuild is
just incredible. You move into this brand spanking new
house which is beautiful. You don’t have to do anything
For those who don’t know, can you explain how shared ownership works?
Shared ownership is great because we only needed to
put down 5% deposit and for us that was much more
doable; we own 40% of the property. We knew we
had to pay rent but just the fact that we were paying a
mortgage to our own house made it a better option.
Rooftop gave us loads of support and that made the
process easier. We had all the information and great
people around us.
Paying rent and a mortgage sounds expensive, do you find the scheme affordable?
We did worry that paying rent and a mortgage could
work out more expensive. Looking at rental properties
you can pay a lot of money for a house that isn’t yours
and you don’t own. I think people can think it’s going to
be double the price – it’s not at all. We are just paying
a little bit of rent and a little bit of mortgage and it has
worked out cheaper for us.
What do you think are the benefits of Shared
It opens up so many doors and opportunities, you’re
not stuck in a rental property where you’re paying
a humungous amount of rent and trying to save for
a property. We wanted to stay in this amazing area
which we love – the edge of the Cotswolds. Doing
shared ownership has allowed us to have our own
property and stay in the area we want to.
What are your plans for the future?
We do want children and this is a three-bed house. We
can staircase in this property (buy more equity). We
always wanted a shared ownership we could staircase
in so that we can buy back more of the property and
hopefully it can become 100% ours. It’s a great first
home, a great way to get onto the ladder. I don’t see
how we could have done it any other way.
And finally, what would you say to those
considering shared ownership?
I can’t recommend it enough. If we didn’t find this
shared ownership house I think we’d still be living with
our parents. I don’t think many people know about
shared ownership, but I do believe it’s the way forward.
To discover how you can join Kirsy on the property ladder with a Rooftop Shared Ownership home visit our Shared Ownership pages