Metropolitan Cookie Policy

We have published a new cookie policy. It explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our cookie policy.

If you'd like to disable cookies on this device, please view this page. Please be aware that parts of the site will not function correctly if you disable cookies.

By closing this message, you consent to our use of cookies on this device in accordance with our cookie policy unless you have disabled them through your browser.

Victoria & Stuart’s Christmas dreams come true...

PC3 7302

Victoria and Stuart Phillips have recently fulfilled their dream of buying their own home thanks to Metropolitan Home Ownership’s (MHO’s) FIRST STEPS Shared Ownership product. They are now the proud owners of a brand new two-bedroom house in Lymington Place in Dagenham, giving them the extra space they need as they plan to start a family.

Victoria (28) is as an Assistant Management Accountant for the Philharmonia Orchestra in Waterloo and Stuart (34) works as an Elite Operator for Coral in Barking.  The couple, who have been married for six-and-a-half years, once thought it would be impossible for them to buy a home but they are now living in a place they can call their own.

Victoria and Stuart previously rented a one bedroom housing association flat in a nearby area where the lack of space and surrounding environment meant that they were put off from starting a family.  Financial issues prevented them from getting a joint mortgage and Victoria could not afford to buy a place in Dagenham.

However, Victoria and Stuart found themselves in the right place at the right time when they helped their friends move into their new apartment at the Lymington Place development, which transformed the site of what was once Barking Technical College (which closed back in the 1980’s). Their friends had been allocated an apartment through MHO’s intermediate rent scheme.

Victoria said: “I was telling my friends about how we really wanted to move and they suggested we contacted MHO to see if they had any vacant properties at the development. I called MHO on the Monday and was told that they didn’t have any rental properties left but did have homes available to buy.”

Still adamant during the initial conversations that buying a property was not a possibility for them Victoria and Stuart learnt more about the options available and were then offered a home just 10 days later through FIRST STEPS Shared Ownership.

Shared Ownership is a flexible part buy part rent option that enables first time buyers to buy what they can afford now without over-stretching themselves financially.  Each month, the home buyer pays off some of the mortgage on the proportion of the home they are buying, and pay MHO a rent on the remainder. 

In Victoria and Stuart’s case they bought a 30% share for £57,000 based on their home’s full market value of £190,000, they did this using a deposit and mortgage. Their monthly housing costs are less than £700 per month - more than they were previously paying for their housing association flat but now they have a brand new home of their own and they have invested in their future.

The buying process began in June 2011 and the couple were delighted to move in just four months later in early October.

 “I can’t praise MHO enough,” said Victoria. “This was my first time of buying a property and yet they made the process seem so easy as they supported us every step of the way. It all happened so quickly!”

Their two bedroom house has a front and back garden and a driveway. It is just half a mile away from Chadwell Heath station, which has trains that take as little as 25 minutes to get into Liverpool Street.  There is also a supermarket and a leisure centre within walking distance and a major shopping centre just a short drive away, Stratford, the Olympic Park and Westfield Centre are also a short journey away by rail from Chadwell Heath station.

Victoria is very happy to be enjoying the benefits of living in a brand new house. She said: “It’s so nice to have brand new appliances in the kitchen. Gas and electricity bills are a bit lower than we expected and on the whole the house seems very well insulated as the outside noise is cut out and the heat is kept in.”

In buying a new home in Lymington Place, the couple have made their previous flat rented from Barking and Dagenham council available to local people who are in more urgent housing need.

Victoria continued, “We are just 100 steps from the same friends we helped to move in the summer! There is a great sense of community in the area as most of us moved in around the same time.”

“The best thing about the move is the prospect of a future with a baby. We have our own front door and there is no one above us or below. We can also invest money in decorating the house to our taste as it is ours.”

“I urge anyone who doesn’t think they are able to buy to look into the options available and not to give up. Shared Ownership is a simple solution and with the support of MHO it was a smooth and easy process for us.”

“Now we are getting ready for Christmas in our new home and we can honestly say that MHO has made our dreams come true.”

Fiona Hopkins, Regional Sales Manager at MHO said:

“We’ve been able to offer great affordability and a great product through close working with our partners at Countryside Properties and the local authority. Affordable, family sized housing is always in high demand and we’re delighted to have been able to offer it at Lymington Place, helping to free-up much needed social rented housing and contributing to the regeneration of the area.”

I like this
I dislike this


   
You like this Article
X

Ratings for this Article (1 total)
1
 
0