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Shared Ownership from Metropolitan provides a happy home for the Mills Family

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Belinda and Christopher Mills, and their young children, Mason and Isabella, are the proud owners of a new, three bedroom home with two parking spaces at The Leys - an attractive development of 40 new homes in Wellingborough from Metropolitan, one of the country’s leading housing associations.

The family, who were previously renting a two bedroom home which they had outgrown, bought through Shared Ownership, which makes home ownership more affordable. Rather than having to pay the full market value for their home, the Mills’ could buy a 30% share with savings and a mortgage. This means that the family only had to pay a deposit on the share that they were buying, rather than on the full property value, bringing down the cost of buying a home.

Through Shared Ownership, the Mills’ ongoing housing costs are kept low too, as they pay off their mortgage on the 30% share that they own and a subsidised rent and service charge to Metropolitan.  With a monthly housing cost of a little over £560, the Mills were able to buy a new home for less than it would cost to rent a similar quality property privately in the area.

Belinda explains:

“We were in a two bedroom property with two children we really needed a larger home nearer to Chris’s work that we could settle in for the longer term. We didn’t want a huge mortgage to over-burden ourselves. We can stay here. With renting you can get moved on. We wanted somewhere that the kids could grow up in.”

New homes at The Leys were developed for Metropolitan to a high quality specification and include a range of integrated appliances, carpeting and tiling as well as coming with the assurance of a ten year warranty – which proved to be an opportunity that was too good to miss for the Mills family, Belinda continues:

“I found out about Shared Ownership through the housing association that I was renting from, they had mentioned the scheme on their website and in their newsletters. It took a while before we decided to buy because we were in Bedford, where values are much higher, but my husband works in Northamptonshire and so we started looking this way.

“When we saw the advert for The Leys, the fact that it came with fitted kitchens, bathrooms and carpets made it very attractive – we already knew and liked the area as we have family who live locally in Wellingborough.

The buying process proved to be relatively straightforward, when buying a new home through Shared Ownership there is no need to deal with estate agents and no chain to cause complications. Metropolitan offer support through the process too, with a dedicated Sales Officer available to make sure that things go smoothly – which made a big difference for Belinda:

“Carol was really good. We couldn’t have done it without her!”

Belinda and Christopher completed their initial application for Shared Ownership with Orbit, the local Help To Buy Agent who manage applications for low cost home ownership schemes in the Midlands, late in 2014, the family then viewed with Metropolitan in January 2015, received their mortgage offer in February and exchanged and completed (moving in) late in April 2015. As summer turns into autumn, Belinda reflects on the move:

 “We’re settling in fine, we’re really happy; my daughter has settled in well at her new school and it’s a much shorter commute to work for Chris.”

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