My Home Silva Lining
“I considered the open market but knew that I couldn’t afford it,” says Alex. “I’d have scraped through even with a partner to share the cost, so this was the only way for me.”
At 28 years old, Alex was keen to claim his independence after a lifetime living at his mum’s house. “I wanted to move out, but house prices meant I couldn’t get on the ladder,” he says. “MHO gave me that chance.”
His chance came in the summer of 2007, after spotting an advert for MHO’s Sawyers Court development in a local newspaper. Sawyers Court has a selection of one- and two-bedroom homes affordable for low earners through New Build HomeBuy, which enables first time buyers to purchase a percentage share of their home and pay rent on the rest.
Alex bought a 25% share of a one-bedroom apartment in Waltham Cross, north London. He saw his new home in July and had moved in by October.
“I’d been thinking about doing it for some time, but I couldn’t afford places at other developments on my earnings,” he says.
“I was surprised when I had a chance of getting this one. I thought the rent would be high, but it’s very cheap,” he says. Alex pays £656 per month – £307 on the mortgage and the rest on rent and a service charge to maintain the development. “This is less than what I’d be paying if I were to rent in private and here I actually own 25%,” he says. “It’s brilliant.”
A misconception held by many people is that newly built developments are only for key workers. Alex thought so too, until he read the banner outside Sawyers Court, which showed availability for local residents.
Eager to take his chance, Alex booked an appointment with financial advisors at MHO and put down a £100 deposit to reserve an apartment straight after seeing the show home.
Since seeing his own place, he’s very glad he did so. “The workmanship is done to a very high standard and I was surprised by how big my new home is,” he says. “The living room is big and the balcony is huge – 12 foot long and four foot wide – and I’m looking forward to seeing the recently planted trees spring up outside.”
He likes the location in the London Borough of Broxbourne too. “I’ve lived in the area for a while,” he says, pointing out that he is still only a 15-minute drive away from his mum and his work.
His home is also close to the shopping centre, supermarkets and transport links, with Liverpool Street only a 40-minute train journey away from nearby Waltham Cross station.
“Having my own place is a massive responsibility,” he says. “I hope it will give me a better sense of budgeting because I’d like to buy a bigger share in future if I can progress at my company.”
“It feels great to finally have my own independence and space. I enjoyed living with my mum, but I’m grateful to MHO for helping me do something off my own back and get onto the property ladder,” he adds.