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Lauren Dearlove and Glen Waite, a sales adviser and a customer care technical support representative, turned to Shared Ownership to purchase their first home.
Racing against the clock to complete their property purchase within a 28 day window, the couple approached to Newbury Building Society and discovered a Shared Ownership mortgage which fitted their needs – and timeframe - perfectly.
So, how did a Shared Ownership mortgage help them buy their first home?
Below, you can read their story:
What type of property do you own?
We own a 40% share of a 2 bedroom new build flat on the outskirts of central Newbury.
Why did you choose to purchase through Shared Ownership?
We didn’t have a huge deposit so Shared Ownership was the best option for us.
How was your purchasing journey?
There were a few more costs than we expected with solicitors but other than that the process was very smooth.
What hurdles did you face along the way?
We had a very quick timescales to adhere by, we needed to exchange & complete within 28 days so we had to ensure there were as little delays as possible - picking a trusted lender was key!
What is the best thing about Shared Ownership in your opinion?
It allowed us to get onto the property ladder as an owner occupier without having to gather a huge deposit unlike on the open market.
What is the worst thing about Shared Ownership in your opinion?
Not all lenders offer mortgages for Shared Ownership, so the options can feel quite limited.
Would you recommend Shared Ownership to a friend, if so, what advice would you give?
I would really recommend the Shared Ownership scheme as it allowed us to own our home without the need for a huge deposit. With it being a new build, the built-in appliances in the kitchen really helped us save some money to put towards better things – another perk!
It was a great way to get onto the property ladder with the option to purchase the full property in the future if we desire.
What is the best thing about owning your own home?
The freedom. We loved being able to decorate our home how we wanted.
Why did you choose Newbury Building Society as your lender?
Newbury seemed like a good choice as many of the high-street lenders couldn’t offer the type of Shared Ownership mortgage at 90% loan to value (LTV) we needed.
What was your experience like with Newbury Building Society?
It was very quick; we did use a broker but we were kept informed every step of the way which was really great, considering our tight timescale.
Would you recommend Newbury Building Society as a lender for Shared Ownership?
Definitely, we had no trouble at all and all of our requirements were met.
For further information about Shared Ownership, read our article “Everything you need to know about Shared Ownership and more”.
If you are looking for a Shared Ownership mortgage, please contact us and arrange an appointment. We provide a tailored and individual service, and we are available for Saturday appointments in-branch, by telephone or via video call.
Further information on our Shared Ownership mortgages can be found here.
Remember: if you find mortgage jargon confusing then you’re not alone. Visit our full mortgage glossary for a complete breakdown of the terms you need to know.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
