A brilliant way onto the ladder for young couple
When Jason O'Brian and Jamie O'Sullivan returned to Dagenham, Essex, after a short spell living abroad, they couldn’t afford to buy a home of their own straightaway. Thinking of the future, the young couple moved in with their respective parents to save money for a deposit.
“We wanted a place of our own,” says Jason. “We certainly didn’t want to be paying off someone else’s mortgage. So thought we’d better get on the property ladder now, before it gets even harder.”
After eight months, they had enough money to start looking, but rising prices in the South East meant that two-bedroom properties were still out of reach. Neither of them had heard about New Build HomeBuy until a friend of Jamie’s mentioned Metropolitan Home Ownership (MHO). In November 2006, they contacted the housing association and fell in love with the first property they were shown.
The East Village in Dagenham is a development of smart one-and two-bedroom homes, located conveniently close to London and offering the tranquility of the Essex countryside. For Jason and Jamie, it is also just a stone’s throw from their parents’ houses. And that’s not the only advantage. “The development is brand new and in a really quiet area,” says Jason. “Having the District Line tube so close is really handy for us too.” Jason works three stops away as a warehouse manager. Girlfriend Jamie is currently studying make-up and fashion at college in the city and working part-time as a make-up artist. When she qualifies she will work full-time, which will enable the couple to take another step up the property ladder.
The couple originally bought a 50 per cent share of their two-bedroom home for £75,000, based on its full market value of £150,000. They currently pay monthly mortgage repayments of £455 and pay £255 in rent on the half they don’t own. But with Jamie about to start full-time work, they are already planning to buy up the second 50 per cent in March 2008, exactly one year after they moved in.
“We always knew we wanted our own flat,” says Jason. “We are really pleased with what we’ve got. We have two, double bedrooms and everything is brand new.” As for the moving process, Jason says it couldn’t have been smoother. “I’d never heard of shared ownership schemes like New Build HomeBuy, but it was very simple and straightforward,” he says. “I think it’s a brilliant way to help young people onto the property ladder.”