Date published: 16 October 2020
“I’ve been a proud homeowner for 20 years and in 2015, my husband and I were in a position to buy our dream four-bedroom detached house in Weston-Super-Mare. With three older children, the home was exactly what we’d always imagined buying – it was on a beautiful street and had plenty of space for us all to enjoy.
“We bought off plan, and it took just over two years to build. However, after just a month of living there, my husband moved out of the home, and we officially separated. There was no way I could afford to live there by myself and after putting most my savings into buying and furnishing the brand-new house, I needed some time to regroup.
“I was concerned I wouldn’t be in the position to buy in the same area again - no matter how much I saved. Having raised my children in the area, and with all my friends nearby, I thought I was going to have no choice but to move away and completely start over.
“With my ex-husband pushing for to confirm what I was going to do, I was beyond stressed and doing all that I could to find an alternative and affordable solution. Just as I was about to give up, our Chief Executive at Stonewater announced a pilot Shared Ownership scheme that was being launched for colleagues.
“When I learnt more about myOwnHome and its purpose - it filled me with hope. I knew in that moment that I was going to be ok and that with patience I was going to be in the financial position to buy a home suited to mine and my children’s needs.
“I say patience because as with every scheme, there was criteria that needed to be met and the one obstacle preventing me from applying when applications opened that following September, was that I needed to have worked at Stonewater for a year.”
myOwnHome works by giving eligible colleagues the opportunity to choose a home that is available on the open market, either a new build or re-sale, which Stonewater then purchases on their behalf. Colleagues then have the option to buy a share of their home, ranging from 25 to 75 per cent, depending on what’s affordable to them, and then pay discounted rent on the remaining share.
“I counted down the days to my first work-anniversary and when the time came to finally apply, lockdown restrictions were in place and so I was unable to view any properties. Whilst some people would have found this incredibly frustrating, I used this as an opportunity to get all my ducks in a row – sorting my mortgage checks and planning what surveyor I was going to use when the time was right.
“By the time restrictions were eased and estate agents could conduct viewings, I had compiled a list of four properties and was sure one of them would be perfect - I was right. Originally priced £15,000 above my budget, the owners of a four-bedroom home located just down the road from where I was living at the time, negotiated on the price and accepted my offer. After three stressful years, I had finally secured my own home thanks to Stonewater’s support.
“Everyone I speak to is impressed by Stonewater’s commitment to giving everyone the opportunity to have a place that they can call home. I never imagined being in a position like this at 44, but this scheme presented me with an opportunity I would never have thought possible; a chance for me to secure a home that I love and can be proud of.
“Despite being a pilot and kickstarting my application in the middle of a pandemic, I was impressed with how quickly we got through the process – it took just over two months. The people I closely work with knew my circumstances and everyone was supportive throughout. In fact, on the day my paperwork completed the sales manager who had been dealing with my application called to congratulate me and told me I could collect my keys - which was an incredible feeling.
“I’m also now in the process of selling my previous home and the plan is to put any money I get from that sale into buying more shares in my current home.
“Although it is still a little surreal, I’m unbelievably grateful to work for an organisation that invests and offers a lifeline to its colleagues."