Ursula puts down roots in Richmond
Finding an affordable property in affluent Richmond wasn’t easy, so they were absolutely thrilled when they found an attractive place in their preferred location.
The couple had spent the past three years sharing rented accommodation and messy kitchen tables with strangers. But Ursula, who works as a hair and beauty lecturer only a few miles away, was desperate to buy her own home in Richmond.
Pieter is a self-employed decorator and the couple’s combined annual income of around £50,000 meant they couldn't afford to buy a home on the open market in west London. While looking for alternatives a colleague, who had already successfully bought her home through the part-buy, part-rent process, told Ursula about Housing Options – www.housingoptions.co.uk – the one-stop shop for first time buyers to register their interest in low cost home ownership products.
“Everyone said: ‘You’ll never find a place in such a nice area’,” says Ursula. “Then one day, while searching Housing Options, we saw our place – a two-bedroom apartment in Richmond – and moved quickly to secure it.”
The couple’s Housing Options search had thrown up a resale property that was not only in their price range but also their desired location. Its owner had originally bought the place seven years earlier through Metropolitan Home Ownership (MHO) and was selling the property to move to the countryside, to accommodate the arrival of her second child.
The couple secured a mortgage for £92,500 – enough to buy a 25% share on a part-buy, part-rent basis. They pay £600 in monthly mortgage repayments and a subsidised monthly rent of £482 to MHO on the remaining 75% share.
“The process went really quickly,” says Ursula. “We were really surprised at the speed as it took only a couple of months from first seeing the place online to moving into the home in August 2007.”
Ursula found MHO very easy to work with. “It never left us in the dark and directed us through everything, including recommending an independent financial advisor who helped us to decide if we could afford the place. I’d definitely recommend MHO to friends and colleagues.”
Most of all, she is so glad to be a homeowner. “In rented accommodation we were sharing with two others, so it’s lovely to be on our own. The living room is a lot bigger than our old place and we don’t even have to share it,” says Ursula.
“We have moved into a really nice, second floor apartment. I have my own parking space and the complex has a security gate,” she says. “It feels very comfortable.”
She adds: “There are only seven apartments here and all our neighbours are really friendly, so it feels like we’re part of a small community. We all share a lovely, well-maintained garden, so I’m looking forward to spending plenty of time there this summer.”
Ursula is originally from South Africa and has dual citizenship. “Having our own place has made it easier to set down roots,” she says. “It’s great because we can do what we want now, starting with choosing our own furniture and decorations. I’m so thrilled.”