Shared home ownership doesn’t mean half measures

The average deposit required for a first time buyer in 2009 was 25% - out of reach for many young people. But that didn’t stop beauty technician, Chelsea Rose (22) and her partner, restaurant manager, Liam Cheeseman (23) moving into a brand new Bellway home at Wendover Rise near Wendover village in Buckinghamshire in October thanks to a shared equity scheme offered by Bellway.

“Liam and I have been together for three years and had been renting a two-bedroom house in Bicester which was costing us £750 per month, we really wanted our own place rather than renting, but despite trying we were unable to secure a mortgage as we did not have a large enough deposit. It was really frustrating as house prices had come down and interest rates were really low so the conditions for us to buy our own place were really ideal - apart from the deposit issue,” said Chelsea.

“A friend told me about shared equity as a way of buying a new home, and then we discovered that Bellway were running such a scheme at their Wendover Rise development which was in the area where we were looking to buy. Bellway arranged a mortgage for us, provided a good proportion of the required deposit, leaving us to find just 5% of the purchase price.”

While Chelsea and Liam must eventually pay back the deposit funded by Bellway, it remains interest free for the first 5 years and is then set at a level below existing rates currently charged by mortgage providers.

“Cherry and Georgina the sales advisors at Bellway helped us throughout the buying process; they explained everything and took us through all the arrangements step-by-step, being our first purchase we really appreciated their help.”

Bellway’s Sales Director, Chris Edginton, said: “Shared equity arrangements are becoming increasingly popular amongst first time buyers. It enables would be buyers to take their first step into home ownership by making the deposit more affordable and reducing the monthly mortgage payment during the initial stages – just at the time when people need a little more financial support.”

Bellway is currently offering its Sharp Start shared equity scheme at Wendover Rise and also at numerous developments in Buckinghamshire, Bedfordshire and Northants.

For more information contact the sales office at Wendover Rise Tel 01296-625602 open daily from 10am to 5pm except Thursday 12 noon to 7pm