Tired of renting in London, Mr & Mrs Fadiora wanted to invest in a bigger home for their three children, without having to change the school they attended. Through shared ownership they were able to buy a three-bedroom house at the Kingsbridge development in Barking for £87,500, a 25% share of £350,000.
Mr Fadiora is a city worker, and felt that shared ownership was a smart investment.
"With the three children, we wanted bigger accommodation and we didn’t want to continue renting, so we thought, let’s see what we can try to buy. Initially we wanted to buy outside of London [but] they go to an independent school in north London and we wanted to keep them there.
"We wanted to try and buy a house outright but we couldn’t afford it – it’s crazy money – so we looked at other schemes that were available. I didn’t like Help to Buy, I just thought, after five years you need to have a plan to try and pay back that loan, so we thought – what about shared ownership?
"The way I see it is once, or if we sell this place, the equity that we would raise would be able to help us put a deposit down [on the open market]."
"[When you’re used to] spending so much money on renting, why not do this part rent and part mortgage, and you’ve got some sort of equity building.
"For me I really wasn’t keen on new builds, I always thought new builds these days were small…but having moved here now have just totally changed my mind. I think I want a new build every time I move now!"
Likewise, Mrs Fadiora was also looking to invest in their future, but was impressed by the added space a shared ownership home offers their children.
"The space and the area around here is just absolutely lovely, and I think everyone that comes, that’s the first thing they say – wow this is a lot of space…everyone is shocked by how big it is."
"I was extremely nervous, but I guess with the idea of having a bigger home, what’s there to lose!
"The space and the area around here is just absolutely lovely, and I think everyone that comes, that’s the first thing they say – wow this is a lot of space…everyone is shocked by how big it is.
"I like the family feel of this property, the architectural plans kind of centres around family, so before both of us wanted to have a separate kitchen and living space, but coming here I’ve realised how important it is to have that open-plan-ness, especially with the kids.
"I hadn’t done a lot of research on shared ownership. I was a bit anxious about it at first, because of all the outgoings that we would have to take on, but in terms of being able to get onto the property ladder, the way I see it is once, or if we sell this place, the equity that we would raise would be able to help us put a deposit down [on the open market]. So in that aspect I would recommend it to anybody."
