CASE STUDY real
REAL LIFE
FOR HELEN LAMBERT, 30, THE STAGGERING DEPOSIT COSTS MADE IT SEEM THAT HOMEOWNERSHIP WAS OUT OF REACH. HOWEVER, AFTER DISCOVERING SHARED OWNERSHIP, HELEN QUICKLY REALISED THAT SHE COULD BUY HER FIRST HOME. SHE PURCHASED A 25% SHARE WORTH £80,000, WITH A FULL MARKET VALUE OF £320,000, OF A TWO BEDROOM APARTMENT AT SO RESI’S POPULAR WARE DEVELOPMENT IN HERTFORDSHIRE
A
fter finishing university then had the Help to Buy ISA and returning to bonus paid into my account, her mum’s home which has gone towards in Hoddesdon, moving costs. I did a lot Hertfordshire, of research on buying Helen opted against my first home, renting privately talking to friends and decided that and family, and she wanted to save seeking mortgage for her own home. advice. Buying a With a graduate home on the open job secured, Helen market was out of the opened a Help to Buy question, so I was left ISA in 2015, depositing weighing up using shared the maximum initial amount ownership or Help to Buy. of £1,200, then continuing to They are both great schemes, “I did a lot pay in £200 a month. but shared ownership was the of research on Helen said, “I knew that better option to go for in my buying my first renting wasn’t for me, so I current position – I liked the home, talking to started being more mindful fact that I wouldn’t have to pay friends and family, and seeking of my spending. As I was off an equity loan.” mortgage living at home, my outgoings When Helen found out about were slightly reduced, meaning the launch of SO Resi Ware she advice” that it wasn’t too difficult to put put her name down as soon as the the money aside each month. books opened. It’s now sold out, I paid a £15,000 deposit in July, but there are shared ownership which was more than required, but apartments at nearby SO Resi Times meant I could access better lending Square in Welwyn Garden City. rates and my outgoings are less. I To find out more call 020 8607 0550 or see soresi.co.uk/find-aHOW THE FIGURES STACK UP • Full market value – two bedroom apartment – £320,000 property/so-resi-welwyn-garden• Share (25%) – £80,000 city. Viewings are by appointment, • Deposit – £15,000 members of one household only
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