We bought our own home and pay less than when we rented

Case study -Bernard Noel, Leaside Lock

Bernard, 29, bought via shared ownership in Bromley-by-Bow (Picture: Supplied)

Shared ownership makes buying affordable, as the deposit is a fraction of what you’d need on the open market.

Plus, monthly outgoings can be less than rent on a similar property – not to mention the fact you’ll own a portion of the home.

Meet these inspiring buyers who didn’t think they’d be able to buy but haven’t looked back since moving from rentals into homes of their own.

Bernard Noel

Bought: 30% share of a one-bed flat at Leaside Lock, Bromley-by-Bow

After moving to London from Belgium four-and-a-half years ago, 29-year-old Bernard Noel hopped from rental to rental but felt stuck as he was unable to afford to buy on the open market.

‘I’d lived in seven rental homes and they were often unsafe, low-quality and expensive,’ says Bernard, a people experience manager at a gaming and entertainment company.

‘I never felt truly settled and considered leaving the UK altogether.Then I found out about shared ownership and came across Leaside Lock. The homes were around the same monthly cost as my previous rentals and have so much more to offer. I quickly booked in for a viewing and instantly fell in love with my apartment on the seventh floor for its open-plan living and amazing views of the city skyline.’

The development’s Zone 2 location and excellent amenities were among the key selling points for Bernard.

‘I love Leaside Lock’s location on the River Lea, where I enjoy daily walks along the towpath,’ he says. ‘And it’s great how well-connected Bromley-by-Bow is, reaching central London in 15 to 20 minutes.’

Bernard had saved a £30,000 deposit and his combined monthly rent, mortgage and service charge comes to £1,324, whereas the average rent for a one-bedroom flat in the area is £2,035.

As well as saving money, he is thrilled to be settled at last. ‘I feel like I have found my forever home here,’ he says. ‘I can’t see myself living anywhere else. I would love to work my way up to owning 100% of my home, which I can see happening in the next two years.’

One-beds at Leaside Lock have
now sold out, but a few two-beds 
are still available from £116,875 for a 25% share of £467,500.

Min Seok Koo and Mi-ra Kim,
plus their two sons

Bought: 25% share of a two-bed flat at Square Roots Kingston

Min Seok Koo and his wife, Mi-ra Kim, share their Kingston flat with their two sons (Picture: Supplied)

Relocation services agent Min Seok Koo, who works for Samsung, and his wife, Mi-ra Kim, a researcher for the Korea Trade Centre, were keen to get on the property ladder and find a new home within easy reach of their sons’ school in Wimbledon.

However with a deposit of just £11,000, buying seemed out of reach. But on discovering the shared ownership scheme at Square Roots Kingston, they realised it was enough to purchase a 25% share in a two-bedroom apartment worth £590,000. Their combined mortgage, rent and …read more

Source:: Metro


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