Sunday, July 21, 2024

Making London Shared Ownership Work for Them: Meet Maxine and Andrew

Discover Maxine and Andrew’s journey to homeownership in London through shared ownership. Explore how they found their dream home at Signal Park and made it work for them.

Making the move from one country to another is both exciting and nerve-wracking, and for couple Maxine and Andrew, a promising career opportunity in south London encouraged them to take the leap.

After living in London for a period of time, the couple began searching for a home to call their own. However, with the UK currently facing a perfect storm of challenges including the cost-of-living crisis, high interest rates, and inflation, it seemed that owning a home in the capital could be out of reach.

An Alternative Route

Faced with impossibly high prices, primary schoolteacher Maxine and partner Andrew were starting to give up on the idea of owning a home. However, having seen friends successfully purchase homes through shared ownership schemes, they realised that the search for a beautiful new home wasn’t over.

“We watched so many of our friends find happiness in their first homes using shared ownership, they inspired us to explore the options available to us. I don’t know what we would have done if we didn’t find out about shared ownership,” said Maxine.

Shared ownership is an alternative pathway to homeownership whereby buyers purchase a share of the property, typically starting at 25%. They pay a low rent on the remaining shares to the housing developer and a small monthly service charge on top. Maxine added, “If it weren’t for shared ownership, we wouldn’t have been able to buy a property.”

Finding the Right Match

Maxine and Andrew soon found their perfect home at Signal Park – a south London development by Guinness Homes.

“As soon as we set our eyes upon Signal Park, we knew it was the one for us. As it’s recently been built, all the homes are sparkling new, with tonnes of storage and even a beautiful kitchen island and our own private balcony area.

“When we were in South Africa, Andrew and I always wanted to buy a home, but everywhere we could afford required so much renovation work it would have cost a fortune – and taken so long – to get a house to become our home. Buying a new build shared ownership property took all of those problems away.”

Looking for a spacious home to call their own, and with visiting family needing a place to stay, the couple knew that space was a must-have.

“Finding a three-bedroom home was non-negotiable,” added Maxine. “As we have moved halfway across the world, we needed somewhere for our families to stay when visiting us.”

With the development located close to a number of schools, Signal Park opened up many job opportunities for primary school teacher Maxine to develop her career and support their family in the long term.

The Financial Details

When purchasing a property outright, first-time buyers often face high deposits and mortgage repayments. Fortunately, with Guinness Homes’ shared ownership scheme, Maxine and Andrew were able to put down a deposit that suited their budget.

The couple were able to purchase a 30% share of their home (with a full market value of £585,000) and put down a deposit of £35,000, equivalent to 20% of their 30% share, worth £175,000.

“The team at Signal Park were so helpful – we’d recommend them to anyone. From the location to the style of the apartments to the affordability, we’re confident that we’ve made the right decision,” Maxine concluded.

Offering a number of one, two, and three-bedroom shared ownership apartments, Phase One of Signal Park comprises modern, spacious homes, finished to a high standard. With landscaped outdoor space and excellent transport links, Signal Park is the ideal place to call home in London.

The apartments at Signal Park are ready to move into now, so if you’re searching for your first home, give the Signal Park team a call on 020 3824 9500 today or visit the website to find out more information.

Explore more in our free magazine: Read Now

First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.

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