New homeowner and keen cook Chris looked into shared ownership as an affordable way onto the property ladder.
38-year-old Chris, who works in security, first thought he’d need around £40,000 for a deposit before he’d be ready to buy his own home. Although it wasn’t totally impossible, he would’ve had to sacrifice his independence and continue living at his parent’s home in Gillingham for at least five years to save.
“I was looking at homes, sitting there dreaming. I sorted it by price when I was searching and thought ‘why is that only seventy grand?’ But then I discovered shared ownership through the Help to Buy website and mhs homes, and thought ‘you know what, I can do this’”, which is exactly what he did.
A year later Chris moved into his new home on Corporation Street. It’s our flagship development in Rochester, where we’re providing 89 new homes; 53 for shared ownership and 36 for market rent.
In the end it only took Chris a year to save the deposit he needed – which is significantly less thanks to shared ownership.
If you can't afford to buy in one go, shared ownership lets you buy a share of your home and pay rent on the rest.
“I wanted to buy 40% so I’ve saved about £11,500, I’ve got a really good mortgage rate as well. I’m hoping to buy some more shares in a few years time. I could be there forever, or my partner and I could get somewhere together. The main thing is this gives me lots of options; it could be a stepping stone or my permanent home" said Chris.
His one-bedroom apartment, is in the heart of Rochester, close to the high street, train station, castle, cathedral and River Medway. Location played a big part in Chris’s decision to buy.
“This home is in such a nice area; everything is right on my doorstep. I work in Rochester so my new home shortens my commute time. And being next to the station gives me a lot more chance in the future, if I were to move jobs. The apartments are brand new and smart. It’s all top notch; everything really suits me and the layout is brilliant. There’s no one to the left and right of me or above which is important because I work nights.”, said Chris.
All of the homes are one and two-bedroom apartments, with a winter balcony and large utility room.
Chris, who was interested in the development since the start of the build in 2017 said: “There’s a lot of regeneration being done in Medway. There’ll be over 1,400 homes as part of the Rochester Riverside, which is really exciting. It’s such a nice area.”
“Corporation Street is a fantastic new development in the heart of Rochester that’s ideal for first time buyers like Chris. Shared ownership is a great scheme that allows buyers an easier route onto the property ladder, thanks to the lower deposit and lower income that’s needed. Our ultimate ambition is to help end the housing crisis in north Kent, and to provide safe, secure, affordable homes that people like Chris are proud of. We’d like to wish him and everyone moving into one of our new homes at Corporation Street the very best for the future”, said Sarah Paxton, Assistant Director of Development and Regeneration at mhs homes.
Our commitment to be a great landlord was something that stood out for Chris: “It played a big part in me buying this place, to look for a provider who had a good reputation. My sister rents from mhs homes and has been for a number of years. It’s peace of mind to know I have a landlord who cares.”
Now all that’s left is for Chris to pick up his keys and get cooking in his spacious new kitchen. “It’s been a really smooth process. I’m not in the best paid job in the world but I’ve done it. That’s the hardest part for people on an average wage. But with shared ownership you don’t need it. If I can do this then you can.”