Beata finds Inspiration with help from MHO
She and her daughter Natasha are both thrilled with her new two-bed flat in Metropolitan Home Ownership’s (MHO) Chalkhill Inspiration development.
Beata moved to a privately rented apartment in Brent last year, to cut out the long commute she had from her flat in Surrey. But when Beata received a letter from her landlord giving her 3 months notice to move out, she dreaded the process of moving from one flat to another with her one year old daughter, Natasha. “Moving home when you have a small child is a nightmare,” she says, “and I could not afford a mortgage for a two-bedroom property. The monthly returns and the deposit I needed were too high, even for interest only mortgages. I couldn’t afford them when I have to pay for childcare whilst I work.”
On her way to work one morning a new development caught her eye; “the apartments being built had a more European feel to them than other buildings in London,” she explains. Beata saw an MHO signboard on the building site and called the number. Later that day she registered on the Housing Options website, and within a week she had a letter telling her the application had been successful.
Beata had to spend time looking for the right mortgage and, even though two mortgage offers fell through, she eventually found a lender with help from MHO. “MHO and the Independent Financial Advisor helped me to find a new lender. My sales officer was Fiona, and I want to extend a very special thank you to her for all her help.”
Less than a month after finding a mortgage lender, Beata was given the keys to her own home. She owns a 25% share in her new flat through New Build HomeBuy, and she has the option of increasing the amount she earns over time, which is called staircasing.
When Beata first applied for one of the Inspiration flats all she saw was a plan, because it had not yet been built. “I know it would be spacious as soon as I saw the plan” said Beata, and she wasn’t disappointed. “It is very spacious. The bathroom is big; it has room for shelves and to dry clothes in. The flat also has lots of storage space, and I have a huge built-in wardrobe in the main bedroom. And I love the under floor heating, which is safer for my daughter Natasha when she is crawling around.”
Natasha, now two, is also thrilled with her new, bigger bedroom. “Before I took Natasha to see our new home I bought a toy elephant and left it in the middle of her room. When I opened the door she was so happy! The huge French windows make her room nice and light, and all the windows have locks on them so it’s very safe.”
Beata and Natasha are unpacking and settling in, and Beata is delighted that she owns her own home. “I don’t have to worry about any more letters from a landlord asking me to move. For the first time since I moved to the UK four years ago, I feel secure, safe and completely independent.”
Financial Note
Beata’s monthly payments on her mortgage, service charge and rent come to only £989.99.
She was paying £1000 in rent before she bought her flat in Inspiration.
Beata had £6,000 in savings.
Her 5% deposit on her mortgage, her deposit and fees for MHO and her solicitor’s fees all came to only £4,600