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A new spin on Home Ownership

Cotgrave-30169

When he’s not spinning decks as a DJ in his spare time, local Nottingham resident Jack and his partner Emma are kicking back, relaxing in their brand new, two-bedroom home at Hollygate Park in Cotgrave. The couple recently moved into their new home after making the purchase through Shared Ownership – the affordable way to own.

Asked why they decided to buy a Shared Ownership property, Jack’s response is quick and to the point, “Both me and Emma decided to buy a Shared Ownership property because it meant that the initial outlay of deposit funds were significantly less than if we bought something in its entirety.”

Jack had heard about the property through an advert at a local estate agent and partly through his full-time job as a Commercial Property Surveyor. Both he and Emma, who works for a local charity organisation, had been planning to get a home of their own for a while. Emma adds, “We had been thinking about buying a house for a few years, however, the actual decision to buy this house was quite spontaneous. We only really left the house that day to get some fresh air. As we lived a ten minute walk from the scheme, we decided to have a look. The rest is history.”

Like most young couples, Jack and Emma both enjoy socialising, eating out, and meeting with friends in the local pub. Jack adds, “I like collecting records, I particularly like old school garage. Now and again I DJ in Nottingham. Emma is a reality TV enthusiast.”

“Having rented nearby before buying, it’s interesting to find out the difference between the monthly outlay while renting, compared to that of owning a home through Shared Ownership in the Cotgrave area.” Jack says matter-of-factly, “We were paying £550 a month before and now we are paying around £570. So it’s little bit more, however, the extra money is well worth the improvement in lifestyle for a bigger house, with a garden and driveway. I'm paying into something where we will both see rewards from the equity over the years. It will certainly pay off.”

As for the buying experience, Emma adds, “We were unfamiliar with the process initially, Jack knew a little about Shared Ownership but I had never really heard about it before. However once the affordability check was complete we found it quite smooth from then on. The whole process from start to finish took approximately three months.”

The two bedroom, David Wilson-built home comes with a fitted kitchen including Zanussi appliances, a fitted bathroom, carpeting and flooring and a ten year NHBC warranty, giving the couple everything they need to be able to just move their things in and enjoy their new home. Because buying a new home means there’s no chain involved, the buying process is simpler and more straightforward than buying an older property on the open market.

Looking back on their experience buying with Shared Ownership from Metropolitan, the couple say they would recommend it to a friend. “Absolutely, I think it’s great and gives people who may not be able to afford a full deposit on a house the chance to buy a share they can afford, and eventually the rest!” Here Jack refers to staircasing, the term used to for the process of buying some or all of the remaining equity in a Shared Ownership home.

Daljit Soul, Metropolitan Sales Manager, said “We’re delighted that Metropolitan could help a young couple like the Jack and Emma to buy their first home, it’s exactly what Shared Ownership is designed to do. Our partners at Barratt Homes and Rushcliffe Council have been excellent to work with in helping us to create the opportunity to make home ownership more affordable at Hollygate Park and we look forward to supporting many more people into home ownership there as the development grows.

And what does the future hold for Jack and Emma? Jack grins, “We intend to stay here for a good few years, whilst we climb our career ladders. It will be interesting to see how the rest of Hollygate Park develops and eventually we might even upsize into something bigger.”

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