Shared ownership customer stories

We recently shared an article about the options available to make owning a brand-new home of your own more achievable. Shared ownership (England) and shared equity (Scotland) are two ways that help to make home ownership more affordable by reducing your deposit and monthly mortgage payments.

Some of our customers have shared how taking advantage of the schemes has been the best decision they made in helping them to move into the home of their dreams.

A simple step onto the housing ladder

First-time buyer David has found his freedom at Brooklands, Milton Keynes and says he is here for the long-term.

David had longed for his own home. Having rented in the past, he had been living with his parents to help save for a deposit, but was excited to start a new adventure in a one-bedroom apartment at Brooklands in Milton Keynes.

“I saw the homes online and started thinking about life in my own place,” he says. “Since then, everything’s just been so easy.

“Field Sales Manager, Simon – my contact at Places for People – was great to work with, talking me through off-plan blueprints, and showing me completed examples and different specifications. It’s been an enjoyable journey and I can’t believe I’m so close to having my own place.”

The process was simplified further by shared ownership, a government-backed programme, which allows buyers in England to purchase a share of their home (usually between 25% - and 75%) of the property’s value. As customers are buying a share of the property, the deposit amount needed will be smaller which makes owning a home more achievable.

David continues: “Shared ownership is such a great way to get in your first home – especially given the rapid rises in the housing market. It was all explained to me in such simple terms and helped me turn a dream into a reality.”

Finding the right home

Two first-time buyers from Aberdeenshire have moved into their perfect Places for People home thanks to Scotland’s shared equity scheme.

Cian, 19, said: “At the beginning of 2021, I had just started my first job which had great prospects and was ready for the next stage of life - and for me that wasn’t getting married or renting – but buying a home of my own.

“I didn’t know where to start, and whilst sat in my friend’s garden his mum overheard I was house hunting and she mentioned the new homes at Chapelton, which offered shared equity for first-time buyers.”

“I contacted Sales Executive Karen, who was friendly and informative on the ways to buy my first home and on the shared equity scheme that is available at Chapelton. Quite frankly I couldn’t believe I could afford to live there - the houses are stunning, and I instantly knew this was the place for me. Everyone I have been in contact with from Karen taking me through the customer buying journey to an independent financial advisor who took me step-by-step on buying my first home and the mortgage process have been brilliant.

“I now live in one of the homes on the development – I absolutely love it – the neighbours, the community and that everything’s on my doorstep. Thank you to everyone for getting me on the property ladder and I’m looking forward to many years here at Chapelton.”

About shared equity

The shared equity loan is designed to help customers keep their deposit and monthly payments on a new home to a minimum. Customers fund between 60% and 80% of the full price of the property, made up of a deposit and mortgage – and own 100% of the home. The equity loan, which is funded by Places for People Scotland and the Scottish Government, finances the remaining percentage.

Megan, 28, couldn’t wait to take advantage of the scheme to allow her to buy her first home.

“As a first-time buyer, it’s so important to get the right information on how to buy your first home. I wouldn’t have been able to purchase my home without Places for People’s shared equity scheme.

“I really never imagined I would be able to buy such a beautiful home at Chapelton, but the Shared Equity scheme made this possible. Chapelton is such a perfect wee town, and I am looking forward to experiencing all that it has to offer.”

We’re here to help

If you’re ready to buy your brand-new home with shared ownership or shared equity – or you just want to know more – please get in touch. Our friendly team are skilled at guiding customers through their homebuying journey and will give you all the support you need to step onto the property ladder.