We recently had the pleasure of chatting with Charlie, a dedicated security officer from Fareham, who made the move from private renting to shared ownership with Aster. Here’s his story: 

“Hi, I’m Charlie! Before moving into my shared ownership home, I was renting a flat privately and had moved three times in less than three years, which was both stressful and expensive. Locally, there is a high demand for rental properties and constant rent increases. I was increasingly worried about private landlords, even though I was a good tenant. You never know when you might receive a no-fault notice or how much the rent will increase every 12 months. It was this worry that prompted me to investigate buying a home.

My older brother had purchased a shared ownership property in the last seven years, and we had discussed the process, so I knew a little. I did further  explore the Share to Buy website, where I found government information and several housing associations. I selected two homes in the area to see which I preferred, ultimately choosing a shared ownership home through Aster.”

Shared ownership gave me a real sense of security for my future:

“Having my own space has been amazing for my mental health. One of the best parts of shared ownership is the freedom it offers. I paid for carpets of my own colour choice and style, and I can treat the property like it’s my own (as long as I’m looking after it, of course). I’m able to put up shelves, decorate how I like, and even have pets when I’m ready!

After the initial 12 months for the property to fully dry out and settle, I am planning to fully decorate the walls and I’m really looking forward to using my sizeable lush green garden to have family and friends over in the summer. I have also started saving some money towards staircasing more ownership shares for the future, when I’m ready.”

The top three benefits of shared ownership for me are:

1. Being able to afford my shared ownership percentage on a single income.

2. Having the option to purchase more or staircase if, and when, I want to.

3. The security of no longer renting in the competitive private market.

What I discovered:

“The houses are slightly different in spec compared to outright owned ones, but you really can’t tell much of a difference. They’re still built, inspected, and completed to a high standard!

While I may own a percentage of the property, I am generally solely responsible for the maintenance. For example, getting the boiler serviced and a yearly gas inspection to maintain the warranty. I also pay a monthly service charge on top of my mortgage and rent, which at the moment is very reasonable and includes building insurance.”

My advice:

“My advice for others considering shared ownership is to ensure you have worked out your initial costs, including the reservation fee, deposit, solicitor’s costs, and if you require stamp duty. Also, make sure you are on top of your finances to meet the affordability checks.

I would definitely recommend shared ownership with Aster. Louise, the sales negotiator, was really friendly, approachable, and upfront about everything. The sales team at Aster was great, including dealing with the solicitors.

I hope my journey inspires others to consider shared ownership as a viable path to homeownership.”

If you're looking to start your shared ownership journey, you can contact us today and our helpful team will be in touch!