Key worker Sally Potter-Irwin was getting fed up with renting and dreamt of getting on to the property ladder. As a teacher in Berkhamsted, Hertfordshire, she qualified for a local affordable-housing scheme and was able to buy a share of a two-bedroom flat in nearby Tring.
Sally, 29, bought a 25%-share of her flat under the New Build HomeBuy scheme, administered by local housing association Metropolitan Home Ownership (MHO). The remaining 75% share is owned by MHO, which Sally pays rent on.
The flat was priced at £195,000 and Sally’s share cost £48,750. Her mortgage repayments, including her rent to MHO, are £740 per month. She previously paid £725 per month on her rental property.
Sally talks to whathouse.co.uk about her purchase:
How did you find out about New Build HomeBuy?
“I was given a leaflet at one of the primary schools where I had a job interview.”
Were you aware such schemes existed before you purchased the property and did you realise you would be eligible?
“I didn’t know that these schemes existed and as soon as I started working in Hertfordshire I phoned [Metropolitan Home Ownership] to see if I would be eligible – from the information I was given, I thought I would be.”
How was the application process?
“It was very easy - I applied for the scheme in October 2005 and my husband and I moved in at the beginning of March 2006. Everyone I dealt with was very helpful.”
So what’s your flat like?
“It’s in a low-rise block, set around a courtyard. There are two bedrooms, a fitted kitchen with stainless steel appliances, integrated fridge/freezer, washing machine and dishwasher. Carpets are fitted throughout, with vinyl flooring in the kitchen and bathroom. Also, I have an allocated parking space.”
You have bought a 25% share of the property – do you plan to increase this share? If so, how would this affect your repayments?
“We don’t plan to increase our share at the moment as we don’t have the capital to do so. But it would reduce the rent we pay and the mortgage would go up – I believe the repayments would more or less be the same, though they would probably be slightly more expensive.”
Are there any restrictions to things like decorating the flat, given that ownership is shared with the housing association?
“They are no restrictions; we have been able to decorate. The only thing you cannot do is to make improvements externally.”
Which mortgage lender did you use and how much deposit did you pay?
“We used Leeds Building Society and did not need to pay a deposit.”
Are there any downsides, in your view, to shared ownership?
“None that we have encountered so far. It would be nice if they offered houses as well as flats.”
Does MHO provide any support or assistance with the property’s maintenance?
“Yes, we pay a management fee of £12.80 per month, to a company that looks after the grounds and communal areas.”
If you gave up teaching, would you have to sell your share of the flat?
“Not as far as I’m aware!”
For more information on affordable housing, see our Affordable Housing Guide .
If you wish to contact Metropolitan Home Ownership , please telephone 0208 920 7777.
By Sarah Speight
This article was published on 6 March 2007