AFFORDABLE HOMES
SHARED OWNERSHIP ALLOWED MATT AND JAKE TO STEP ON TO THE PROPERTY LADDER, BUT THEIR JOURNEY DIDN’T STOP THERE…
They were keen to stay living in the area close to family, but as first time buyers they realised that purchasing a home in this area just wasn’t going to be possible for them, that is until they discovered shared ownership. Matt and Jake hadn’t considered buying a home with shared ownership until a family member suggested that they should look into the scheme. Matt said, “Thanks to shared ownership we were able to put down a deposit of £10,000 and buy our own home. When we first bought our home, a 43% share was the most that we could afford, when you buy your first home, you’re pretty skint!” Shared ownership allowed Matt and Jake to take their first step on to the property ladder, but their homeownership journey didn’t stop there. Seven years down the line, they found themselves in a position where they were able to buy the remaining 57% share through a process known as “staircasing”, meaning they would own their home outright. Matt said, “Because the house was increasing in value we knew that if we were to sell it we’d be able to make more money on it if we owned a higher share. When we first bought our home, we hadn’t even considered staircasing. We knew it existed but didn’t think about it again until about five or six years later. Once we realised that we could afford to buy our home outright we thought, let’s go for it! It meant that we owned 100% of the property, so when we Back in 2015, Matt and Jake took the plunge and bought a share in a new Plumlife home in the suburb of Heaton Moor, Stockport
went on to sell it, we profited from the full value of the house.” Matt described his experience of staircasing with Plumlife as “exceptional”. Matt said, “We were given all the information we needed, the process was easy to understand and Fran (Sales Services Specialist) kept on top of everything. Fran got the right people involved and even when we encountered issues with our solicitors, Fran helped us push the purchase through, she really went above and beyond to make it work for us.” Matt and Jake have already recommended shared ownership to several
people following their experience. Shared ownership is a brilliant option for those who are looking to get on to the property ladder, but may be unable to do so on the open market.With shared ownership you can buy the share that you can afford and pay rent on the remainder, with the option to buy more shares in the future. If you’re looking to take your first step on to the property ladder like Matt and Jake, visit the Plumlife website to view our new developments across the North West and beyond.
plumlife.co.uk
40 First Time Buyer February/March 2025
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