Like many first-time buyers, teacher Stella O’Donnell found it difficult to buy her first home in London.
Stella, 30, works as a secondary school teacher in Staines. Under the Key Worker Living programme, Stella qualified for an affordable housing scheme, administered by local housing association Thames Valley Housing (TVH).
Stella bought a one-bedroom flat in Wandsworth through the Open Market HomeBuy scheme. It is one of many affordable housing schemes run by the government to help people on to the property ladder.
Find out if you’re eligible for affordable housing.
What it cost
Stella’s flat cost £175,000 on the open market. Thames Valley Housing provided a loan for £50,000 of this. Under Open Market HomeBuy, this is an equity loan that is paid back once the property is eventually sold. Stella paid a deposit of £10,000.
How did you find out about the scheme?
“I saw a notice in the staffroom and just phoned up. Then they sent me an information pack with details of how to apply. When I started teaching a few years ago, the scheme had just started and was well advertised. Since then it’s been posted on the staffroom notice board.”
Did you realise you were eligible?
“I knew I was eligible because I am a full-time teacher, but I wasn’t aware of the finer details such as what would happen should I leave teaching.”
How was the application process?
“Since I tried to buy a property in 2005 through the scheme, I was familiar with how to go about applying. I had just missed out on funding for that financial year, so this time I made sure I had found a property and expressed an interest in it as soon as the funding began.
“On May 1st 2006, I contacted Thames Valley Housing and told them I’d put in an offer, and it went from there. It all got sorted fairly quickly and I had exchanged by June and completed by August.
“The application process was fairly straightforward, and Thames Valley Housing were available for any queries I had.”
Are there any downsides to affordable housing?
“I am tied to teaching if I want to keep my flat, but I suppose that is the point of the scheme.
“You are also limited to the types of properties that are available. For example, the flats had to be in a good condition, so even if I found a reasonably priced property that needed some renovation, chances are I wouldn’t have been given any funding.
“Also, I wasn’t allowed to buy a property above commercial premises, which I found were often the most reasonably priced in the market.”
How do your repayments compare with rent you paid on your previous property?
“In my last flat I was paying £150 less per month than I am now, and that was sharing with one other, whereas now I live alone!”
For more information on Thames Valley Housing and how you can buy a home through them, please telephone 0845 600 6699 or email homebuy@tvha.co.uk.
Read the whathouse.co.uk affordable housing guide for more information.
By Sarah Speight