MHO helps nurse achieve his goal

Staff nurse, Julius Ferguson, was desperate to get on the property ladder. To him, it was obvious, making this move would enable him to invest in his future.

“For me, buying my own home was a question of improving and moving on in my life. I wanted to take on the challenge and responsibility to better myself and obtain peace of mind,” he says.

Previously, Julius lived in a housing association property in Ilford. Although he knew buying a property would be more expensive than the current subsidised rent he paid, he had decided it was time, and so he began his search for his dream home.
Upon discovering part-buy, part-rent housing opportunities on the Internet, he registered his interest online.
“I received a batch of information and decided to attend the On the Green open day being held by MHO. I walked in and immediately loved the building,” he says.

However, after chatting to MHO representatives he felt his income was not quite enough. This did not put him off. Instead, he took on more shifts at the hospital where he worked. “I didn’t want to miss the opportunity,” he says.

Within four months he was ready to take the next step. He met with a financial advisor in July 2007, who went through his finances and set him straight on what the move would entail financially. He paid his deposit and then went on holiday.
Disaster struck while Julius was on holiday. When he returned he was ill and admitted to hospital. Following his recovery he finally got the keys to his two-bed apartment in February 2008.

“MHO was brilliant. Once I was better they would give me gentle reminders and tell me exactly what I needed to do in order to get the process moving again. I realised I might lose my apartment so I was glad of their support and encouragement,” he says.
The New Build HomeBuy scheme allows homebuyers to purchase between 25 and 75 per cent of the value of a brand new property and pay a capped renton the remaining equity. Under the scheme purchasers can increase their share in the property as and when they can afford it.

Julius was able to buy a 25 per cent share of his £190,000 two-bed apartment. His mortgage and subsidised rent repayments total approximately £800 a month, more than social renting, but approximately £300 a month more manageable than buying a home of the same value outright.

“Paying more and investing in my future is worth it. My apartment is not like anywhere I have lived before. I feel secure, and it is clean both inside and out. I have lots of space to call my own. I’m on the third floor and have a great view of north London,” he says.
“The facilities at On the Green are wonderful. I can go to leisure centre, the gym, see my GP, all based in the development.” He says. “The atmosphere of the area is far better than what I’ve experienced before. There are excellent transport facilities on my door step so I can easily get to work.”

Julius is now spending time decorating his home and filling it with furniture. He considers what is the best thing about living in his own home: “It has made me feel important, responsible and respectful. Owning my own home makes me feel good. I want to own 100 per cent and will work hard to achieve my goal.”

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