Shared Ownership Success Story: Derby renters reduce outgoings and become homebuyers
17 October 2023
At Places for People, we strive to build Communities that help to provide high-quality housing that’s available to everyone, no matter what their age, background, and needs.
One way in which we do this is by developing properties around the country that are available through the government-backed Shared Ownership scheme.
Jump to:
Meet Jason and Helen
We were thrilled that Jason (53) and his partner, Helen (53) from Derby, had a successful experience buying their first home together using Shared Ownership with Places for People. Jason and Helen were delighted to exit the rental market and purchase a brand new three-bedroom house at Flagshaw Pastures in Ashbourne, Derby.
“I have friends who had purchased their property using Shared Ownership and knew it would be an affordable way to buy a home.”
Why Jason and Helen wanted to buy a property and why they chose Shared Ownership
Jason and Helen were previously renting separately and were ready to make the move together. The goal was to avoid high rent prices and settle in a long-term home without a long-term mortgage.
Jason and Helen were spending a lot of their earnings on rent but due to their age, the couple didn’t want to tie themselves into a large, long-term mortgage – so when friends told them about Shared Ownership, they knew that this was the best option for them.
The Shared Ownership purchase process
After deciding to go with Places for People’s Shared Ownership option, Jason and Helen found a development online that was ideal for them and their family. Flagshaw Pastures is in the perfect location; close to Helen’s work and where her teenage son goes to school.
Talking about their smooth experience with Places for People “It was like it was meant to be!... We were qualified by the independent financial adviser with Places for People who confirmed we were eligible to purchase a 75% share of £217,000.” Jason continues: “We secured the house in May and moved-in last September, which was a month earlier than we expected which was amazing!”
How buying a Shared Ownership property has changed life for Jason and Helen
Buying a home with enough space for the whole family was a big factor for the couple, as Helen’s 14-year-old son would need his own space and Jason’s teenage son would visit often, too. “The open-plan layout makes it feel really spacious and bright, yet we can all enjoy our own space..."
With saving money being a main motivator for Jason and Helen, they’re delighted to now have more expendable income to enjoy as a family: “We were paying around £1,400 a month in rent payments between us, we now pay less than £1,200 per month...The money we have saved we have spent on getting the house how we want it and opening a savings account for those rainy days and good times with our boys.”
The Shared Ownership scheme has clearly made a positive impact on the family’s lives.
Jason says: “Shared Ownership has meant we have been able to purchase a high-quality property that we may not have been able to afford otherwise, and by being able to purchase a share we feel much more secure about having a smaller mortgage.”
“Buying a Shared Ownership property gives you a stepping-stone to be able to move up the ladder and eventually buy on the open market, however, we are very happy here and don’t foresee any reason to move from Flagshaw Pastures – it’s perfect for us.”
We’re so pleased to hear Jason and Helen’s success story and we’re proud to offer an option that helps make buying a home more accessible. Read more about Shared Ownership and see the properties currently available.