Daisy proves getting onto the property ladder at a young age is possible with Shared Ownership
When it came to moving on to the next stage of her life, Daisy Shepherd decided buying her first home was the right choice.
The 22-year-old veterinary nurse from Nantwich used Shared Ownership to purchase a lovely two bedroom semi-detached home at HomesHub’s Stapeley Garden’s development in Cheshire.
After saving for 4 years Daisy was presented with the opportunity to move to the USA for a year to live and work, but eventually decided that buying a house was the best way to invest in her future.
She explains, “I was living with my parents and starting to think about possibly moving out when the opportunity to move to the States came up. I had to decide whether to spend my savings on moving abroad or moving out! I chose the sensible option and decided to start looking for a house.”
At first Daisy tried to purchase a 3 bedroom home on the open market but had trouble getting a mortgage.
She says, “I had been looking for about 4 or 5 months when I found a three bedroom home I was interested in. But I had trouble getting a mortgage due to my salary not being high enough. My Dad was going to act as a Guarantor for me but they wouldn’t allow it because of his age. I almost gave up on the idea when I heard that Homeshub had two bedroom homes available on a Shared Ownership basis, so I made an appointment to see them.”
Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share, and you pay a reduced rent on that share. This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit.
This was perfect for Daisy as she couldn’t afford to purchase outright but had the money to put towards buying a share in a home. And after speaking to Homeshub Sales Officer Trish, she knew she could do it.
She reveals, “Trish is the best! She was so lovely and answered all my questions. As a first time buyer I didn’t have a clue but she really took the time to explain everything and was so good at responding to all my queries. The process was really straight-forward too, I didn’t have any problems at all, it was plain sailing.”
The house Daisy eventually bought was a beautiful two bedroom semi-detached home, paying just £70,000 for a 40% share.
She says, “It was ideal to go from my parent’s house to a 2 bed home as it’s not so big that I can’t cope as a first time buyer. It was an easy transition for me and I love having my own place. The location’s fantastic, within walking distance of the town centre and work. I lived in the country before and had to drive everywhere so it’s a real novelty being close to shops and I love being able to walk to work every day.”
She also loves that her mortgage and rent payments are the same as what she was putting away in savings each month – £199 for her mortgage and £240 rent.
She reveals, “The money I was saving each month to buy the property is the same as what I’m now paying in mortgage and rent. I was already used to that cost each month so even that hasn’t been hard!”
Daisy is now enjoying the independence and freedom of homeownership, something she feels wouldn’t have been possible without Shared Ownership.
She says, “I wouldn’t have dreamed at 22 that I would own my own home. Without Shared Ownership it would have taken me years and years to get what I have now. It’s enabled me to get on the property ladder, and for what I’m paying per month I wouldn’t have got anything close to this on the open market.
“I’ve also been recommending it to all my friends! A few of them have started looking into it as they’ve seen what I’ve got and have realised that they could have it too!”