Adewunmi Victor Soneye from Manchester used Shared Ownership to purchase his first home. Here, he tells us his story.
The Royal Navy Intelligence Analyst from Manchester was renting privately in the City when he decided to look for a home of his own.
He explains, “I was fed up of paying rent and wanted to be more independent. I’d not heard of Shared Ownership before but when I was told about the scheme I thought it was a really good idea so I started looking for homes in my area.”
Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share, and you pay a reduced rent on this share. This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit. Members of the Armed Forces are also a priority group.
It didn’t take long for Mr Soneye to find a home he was interested in and the home he went on to buy was actually the first home he saw!
He says, “The first home I saw was a resale home on a 50% shared ownership basis. The location really sold it for me as it was really accessible for work, so I decided to go ahead.”
The home he bought was a Shared Ownership Resale from Wythenshawe Community Housing Group. A Resale is a property that has been bought through Shared Ownership in the past, which the owner now wants to sell and move on. They offer the chance to buy an older home in a more established community, however the application process is exactly the same, something Mr Soneye found really easy.
“The application was really straightforward,” he says, “Wythenshawe was really helpful and the mortgage advisor who arranged the mortgage for me was great.”
Now a homeowner, he is actually paying less for his own home than what he was renting privately. He’s also relishing his career in the Navy, something he had wanted to do for a long time.
“It was a childhood dream of mine to be in the Navy so when the opportunity came up I took it and really enjoy what I do. I work in Manchester and living so close to work is great.
Shared Ownership really helped me to get on the property ladder and I would recommend it to anyone. Owning a home really gives you responsibility and ownership so the quicker you can do it the better and Shared Ownership can really help with that.”
If this story has inspired you to find out more about Shared Ownership you can contact us on 0300 790 0570 or email firstname.lastname@example.org.