With the average age of first time buyers owning their own home reaching a staggering high of 36, Shared Ownership is now one of the few ways of getting that first step on the property ladder. 19 year old Connor Ballard-Pateman and his 20 year old partner Jordan O’Brien have bucked the trend and recently moved into their two bedroom shared ownership apartment at Theatre Quarter in Chatham, Kent.
Connor and Jordan had previously been renting a small one bedroom apartment in the centre of Rochester and paying the same amount of rent as they now pay through shared ownership. The couple started to explore the different options available to them including Help to Buy, but they soon realised they were unable to proceed as they could not afford the deposit needed. They then decided to register with a Help to Buy Agent who approved them for Shared Ownership.
Shared Ownership (also known as Part Buy, Part Rent) is a scheme to help first time buyers purchase their own home. Applications are considered from households earning less than £60,000 a year and live or work in the local area.
Connor and Jordan were able to purchase a two bedroom apartment through Heart of Medway Housing Association with a shared ownership equity of 60%, and rent payable on the remaining equity. Their new home is one of eight spacious two bedroom apartments at Theatre Quarter, in the centre of Chatham.
The couple said: "Owning your own home gives you such a boost in confidence. Not many people our age can say this and it has given us a real feeling of security. There is no more worrying about when you are going to have to move to the next rented property or when the landlord is going to increase the rent.
Shared ownership was so easy and painless and such a straight forward transition from rented to owning. Our mortgage advisor found us a 0% deposit mortgage so all we had to do was pay solicitors fees and move straight in.”