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REAL LIFE
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OLIVER GREGSON, 24, AND HIS PARTNER JESSICA BURTON, 23, DECIDED TO USE SHARED OWNERSHIP TO BUY THEIR FIRST HOME, AND PURCHASED A 30% SHARE IN A TWO BEDROOM HOUSE AT SO RESI’S ALFOLD DEVELOPMENT IN SURREY
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Due to the removal of Oliver adds, “We were aware high loan-to-value of shared ownership, and mortgage products viewed it as a great way recently, the couple, to get on the property who were renting in ladder thanks to nearby Cranleigh, the lower deposit found themselves requirement. It was needing an extra also appealing due 5% deposit to buy to its flexibility – there their home. Oliver are no set times for said “Our mortgage us to staircase, so we lender increased our can purchase more deposit requirement at shares when we are in the last minute, meaning a position to be able to.” that we had to find an extra SO Resi Alfold offers a 5% on top of our existing 10% contemporary collection of two deposit. Luckily our parents were able to help out.” Oliver and Jessica had “We were aware of shared ownership, and bedroom apartments, and two and three bedroom houses, set on the edge of the picturesque been saving for a deposit for viewed it as a great Surrey Hills. The development six months, and realised they way to get on to the is surrounded by mature trees, could afford to buy just before lockdown. With extra time on property ladder” with a children’s play area and communal gardens for residents. their hands, the couple were Each house features a landscaped able to seriously start looking at garden to the front and a rear shared ownership homes and went garden. All properties also include on a number of viewings once the allocated parking and cycle storage. property market re-opened. After Alfold has a village store, post finding a two bedroom house at SO office and pub. Guildford is 12 miles Resi Alfold, with a spacious garden, away, from where London Waterloo the couple purchased a 30% share can be reached in 41 minutes. with a deposit of £15,000.
HOW THE FIGURES STACK UP
• Full market value – two bedroom house – £320,000 • Share (30%) – £96,000 • Deposit - £15,000
