Shared Ownership helped Dannielle stay local
Dannielle has spent all her life in Oxford and didn't see herself becoming a homeowner anywhere else. Living with her parents to save for a deposit, Dannielle was initially disheartened by the lack of options within her budget – until she came across Shared Ownership.
"I’d been thinking about moving out of my parents’ home for a while but faced a lot of barriers, including trying to get a mortgage for a single buyer and saving up for a deposit. However, when we went into lockdown, I was able to save more money than before, putting me in a position to start my property hunt more seriously. It was then that I came across Shared Ownership."
Homeownership made possible with Shared Ownership
Shared Ownership is a government backed scheme which allows buyers to purchase a share of a home, and pay rent on the remaining portion. The initial share is usually between 25% and 75%, with purchasers only requiring a deposit and mortgage for this portion of the property.
As and when they can afford to, purchasers can buy greater shares in their home through a process called ‘Staircasing’, until they own their home outright.
Through the scheme, Danielle was able to purchase a two-bedroom, two-bathroom apartment at Newman Place – a new development by Peabody New Homes in Littlemore, on the outskirts of Oxford city.
Newman Place - the dream home for Dannielle
Six months after her first appointment, Dannielle had saved up the deposit she needed and got back in touch with the sales team to secure one of the last remaining homes.
"In the months between my appointments, I tried to stop thinking about the development in case it sold out, but I couldn’t help myself – I knew it was the development for me.
"I had totally fallen in love with Newman Place; the location was such a huge win for me, and to know that I could potentially get a second bedroom in my budget, together with the spaciousness and modern layout of the homes - it really was perfect. I kept my eye on the development and its progress, and by August I had saved enough to put a deposit down on my home. I contacted the sales team straight away, and immediately reserved!"
Buying a new build home off-plan
Reserving her home off-plan, Dannielle had no concerns about buying a property she hadn’t yet seen in the flesh thanks to the Peabody New Homes team.
"The sales team really helped me visualise my future home, walking me through the floorplans in depth, and showing me how I could lay out all the furniture."
"I got to see specification examples like kitchen cabinets and bathroom tiles, so I knew these features were all good quality. Another bonus was all the integrated appliances included in the price, like a fridge, freezer and washing machine; it was reassuring to know that when I moved in, it would all be ready to go."
