Buying a resale home through the Shared Ownership scheme
Retirement Homes from Hyde New Homes.
At some stage, you may wish to review your finances and make changes to your mortgage. Because of their financial interest in your home, Hyde must consent to any increase in your borrowing or changes to your mortgage lender.
Please see the Guide to Remortgaging and Further Advances for a step by step guide and further information.
Frequently asked questions on buying a home through the Shared Ownership scheme.
Purchased a 1 bedroom apartment at The Parker Building, Bermondsey Spa
Rebecca decided that she had had enough of sharing a house with other people and decided to look for somewhere to live on her own. She had a very brief and unsuccessful look on the open market.
After viewing a very small studio flat in Streatham , which sold before she had time to dismiss it, she realised that shared ownership would be the only way to get a decent place to live in London.
‘I had a friend who bought through shared ownership and seemed very pleased with their place so I decided to investigate the scheme further.
I registered on ‘First Steps ‘which gives you access to all the new properties being built in London for shared ownership. You have to enter some financial information to see if you are eligible but it’s pretty straightforward.
I really wanted to live in Brixton, but prices had gone through the roof there, so I started to look a little further east and found the Bermondsey Spa development. It was really conveniently located and is in Southwark where my studio is located. You can walk into central London from here or hop on a bus or get the Jubilee line from Bermondsey station.
Hyde New Homes sent me an email about their new development, the Parker Building and I arranged to come and have a look at the plans. I had to make three choices of apartment once I decided to go ahead. I put down my £500 deposit and then had a bit of nail-biting wait while Hyde allocated the apartments to all the prospective new owners. They have a priority system where they take into account factors like whether you are an existing Housing Association tenant or if you work in the Borough and allocate accordingly.
Once I had been selected for an apartment I had a chat with the financial adviser and he also suggested a solicitor to use as well.
The buying process was pretty straightforward although there were some delays in completing the building. Hyde kept me up to speed with what was going on and I finally moved in June of 2014.
My experience was much more positive than a lot of my friends who were buying on the open market and were being gazumped all the time and getting very stressed.
It was lovely and warm when I moved in so I spent a lot of time on my balcony tending my plants and just enjoying the weather. It is December now and I have not actually had to use the heating yet as the apartment is really well insulated and has an air circulation system that keeps the temperature constant.
I really like having new fixtures and fittings, which have a warranty, instead of all the usual poor quality fittings you get in the average rental property. The living area is pretty spacious for a one bedroom apartment as well.
One of the best things about my apartment is my monthly outgoings. With rent, mortgage and a very low service charge I pay £700 per month to live here! If I was to rent this on the open market it would probably cost about £1200 per calendar month!
I was paying over £600 per month in a shared house, so to have my own space for another £100 per month is well worth it.
I am collecting things to furnish my apartment as I work for an interior design company. It’s really nice to furnish things how you want it and not make do with your landlord’s furniture.
I am really pleased that I made the leap into home ownership and I have been telling my friends to take the plunge!'