If you cannot afford to buy a home on your own, sharing a mortgage with a friend or family member gives you the chance to get on the property ladder and build up some equity over time. It’s also a great way to escape the rental rut and invest in your own home rather than paying a landlord, as Katy and her brother Andreas realised when buying their first apartment with Weston Homes earlier this year.
Lawyer Katy and her younger brother Andreas, who works in data analytics, had both lived in London as university students. When they started work, they decided to share a flat in Stratford, east London.
“Our social lives revolved around Zone 1,” says Katy. “We both wanted to enjoy London, and renting was easy. You get in a rut though – you don’t have any responsibilities, but you are always at the mercy of your landlord.”
As they were renting a period home, their energy bills began spiralling out of control, and Katy recalls it consumed a large part of their salaries. “Many old, period homes have bad insulation, and all the heating goes out of the windows.” Appreciating all the benefits of buying new, from the 10-year new homes warranty to the lower maintenance costs and energy savings, the pair agreed buying a brand new apartment was the way forward.
Katy and Andreas decided it would make the best sense to buy a home to share. “Putting our money together meant we could afford a bigger property, so we looked for a three-bedroom apartment.” This meant they could share the monthly payments, every bill and household expense, and set aside a furniture fund too.
Their ownership deal is strictly 50-50. “We split everything down the middle. It won’t be that different from the way we live now. We are both tidy. We live separate lives, but we know each other very well.” Solicitors strongly recommend that people buying a home together make legal arrangements to protect each other’s share of the property, especially if they are not close family members.
Living within easy reach of excellent transport connections was a non-negotiable for Katy and Andreas, and Abbey Quay in Barking by Weston Homes ticked this box. All of Weston Homes’ developments are in prime locations that combine easy access to a town center and railway station, with plentiful green open space on the doorstep.
Every apartment or house across Weston Homes’ property portfolio, regardless of price or size, includes its unrivalled, premium specification at no extra cost, from integrated appliances and Smart technology to a mirrored fitted wardrobe and flooring throughout. Weston Homes realises that, particularly for first time buyers, this is indispensable, which Katy echoed saying, “I’d never had to buy an oven. I have no idea how to buy one – or a fridge or dishwasher. I just would not know where to start. Plus they were good brands, I was told by my friends, and everything was included in the price.”
Weston Homes is an award-winning developer building new and converted one-to-four bedroom luxurious homes across London and the southeast from £199,000. Every home is finished to an exceptional standard, with sustainable technology throughout and the smallest details carefully considered, to provide buyers with the very best in modern living. In Weston Homes, you can find a developer you can trust and a home you will love.
For more information, contact Weston Homes on 01279 873 300, or visit weston-homes.com for development-specific information. Marketing suites and show homes are open daily from 10 am to 5 pm. Weston Homes’ Sales Consultants can help you make your move by putting you in touch with an independent financial adviser who can provide you with free, no-obligation advice about sharing a mortgage.
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