Thursday, June 13, 2024
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Young Couple Achieve Homeownership Through Shared Ownership

The London housing market is notoriously expensive and competitive, and acquiring a mortgage can be a difficult process, especially for those with lower incomes. Despite this, owning a home is still a dream for many people in London, including young couple and first-time buyers Laura and George.

Looking to embark on the next stage of their relationship, the couple were in the market for their first home. With both wanting to live close to family, staying in Tolworth was important, and finding their first home at the right price became a priority.

Nursery manager Laura Emmet and her partner, 28-year-old gardener George Cousins, were starting to give up on the idea of buying a home together in the area, “We have always been so concerned that the area is not affordable for us, and the thought of moving away from family was very upsetting.

“We’re at the stage of our relationship where we wanted to take the next step together, and have been looking for a house that will become our family home in the future. It was the right time in both of our lives to make the commitment and live together.”

Looking for a modern home to call their own, as soon as the couple stepped into Guinness Home’s south London development at Signal Park, they knew it was the right decision. “Signal Park was the first development we viewed, and we fell in love straight away,” said 29-year-old Laura.

Signal Park’s shared ownership apartments offer individuals like Laura and George the perfect opportunity to begin their homeownership journey; without worrying about a high mortgage and expensive deposit.

“We chose a shared ownership property as it was the most affordable way to get on the property ladder. It has allowed us to own a home in the right location, all while being affordable and manageable.”

With spacious rooms, landscaped outdoor space, parking spaces for selected apartments, and excellent transport links, Signal Park checked every requirement for the couple.

“Signal Park is close to both our families, which is important as those relationships mean a lot to us, and it will help in the future when we grow a family of our own. We were nervous to start the process of buying a house, but the Guinness Homes team were nothing but supportive; even down to helping us choose a mortgage broker and a solicitor that specializes in shared ownership. The whole process has been so straightforward and as a couple who both work full time, this has really suited our needs.”

When purchasing a property outright, buyers can face costly deposits or even costlier monthly repayments. However, Guinness Homes’ shared ownership scheme meant that Laura and George were able to buy their first property in their ideal location. The couple were able to purchase a 25% share of their two-bedroom property at Signal Park. With a full market value of £485,000 for the whole property, their 25% share was £121,250, which meant they were able to pay a deposit of roughly 16%, equating to £20,000, to secure their home.

With the apartments recently built, decorated, and ready to move into, the couple is now settling into their home. George said, “Signal Park is everything we were looking for in a home. The development is visually beautiful, and our home comes with amenities such as a washing machine, fridge, and dishwasher which helps us practically and financially.”

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

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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