Buying a home is simpler than you think
How shared ownership is making it possible for families to buy their own home
Pemberly is one of several Stonewater affordable housing communities in Weymouth, Dorset, which is enabling local people with strong links to the area to stay close to their family, friends and work.
Stonewater believes developments like this are absolutely vital to preserving the long-term economic viability, infrastructure and wellbeing of rural communities, as well as helping families like Susie’s to purchase their own home.
Susie Palmer and her partner Richard Murphy bought their end terrace three-bedroom house through Stonewater’s shared ownership scheme. The scheme has enabled the couple – who also have a 12-year-old son – to buy an affordable share of their home based on their joint income and savings, paying a subsidised rent on the remaining share that is still owned by Stonewater.
They also have the opportunity to purchase up to 100 per cent equity over the coming years if they want to, making it a more affordable option for people looking to get on the property ladder.
Susie said: “We had been looking to buy our own home for some time, but rental and house prices are so high in our area that we’ve never managed to save a big enough deposit for the mortgage we’d need if we were buying a property on the open market. Shared ownership offered us the perfect solution: the chance to get onto the property ladder with a smaller deposit and the security that renting privately doesn’t give you.
“We looked around for opportunities locally and were delighted when we saw the properties Stonewater were offering for shared ownership at Pemberly. All of them were lovely plots, featuring good sized houses and gardens. Exactly what we wanted.”
In addition to providing high-quality and nicely sized homes, all of the properties at Pemberly are well insulated and have been built to Level 3 of the Code for Sustainable Homes standard. The standard measures the energy efficiency of new homes in categories such as carbon emissions and the impact of the home on the environment. This investment means a lower carbon footprint and reduced fuel bills for residents.
“It’s quite daunting being first time buyers, but we’ve been very well supported by the Stonewater team throughout the application and purchase process,” continued Susie.
“Everyone we’ve dealt with has been so friendly and helpful. I would thoroughly recommend shared ownership, and Stonewater in particular, to any families struggling to get onto the property ladder. The process of buying a home is simpler than you might think and with Stonewater, you’ll be supported every step of the way.
“We couldn’t be happier now we’ve moved in. It’s the family home we’ve always dreamed of living in and it would have been out of our reach without the opportunity shared ownership offered us.”
To find out more about Stonewater’s shared ownership scheme, see here.