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Posted: 19 December 2013

Affordable London living with Shared Ownership

In 1995, it took London buyers just 11 months to save a deposit for their first home according to research by Barclays. Today it takes an average of ten years. This shocking statistic is what Adam Balcerek (42) was faced with when he wanted to stop renting but did not have a large enough deposit to obtain a mortgage. That was until he found Family Mosaic’s Resale Shared Ownership which enabled him to purchase a two bedroom apartment in Bermondsey.

Adam comments: “Not long after my son Gabriel was born, my girlfriend Sylvie and I needed to move from our one bedroom apartment; we also wanted to stop renting but didn't think there was any chance for us to buy a home. And then I found out about the Shared Ownership scheme with Family Mosaic – it was a dream come true.”

“We are now so excited to be in our two bedroom apartment, knowing that each month we are contributing towards a property that we could own outright one day. There is also much more space for our son, Gabriel. He’s only 1½ but is so happy every time we take him for a walk around Canada Water.”

The Family Mosaic Shared Ownership scheme offers buyers a great opportunity to get on the property ladder.

You choose an apartment at one of its developments and buy the share you can afford.

You can start by purchasing as little as 30% and increase your share at any time all the way to 100% and outright ownership. You will pay a Government subsidised rent on the remaining share of the property.

Adam concludes: “We’re so happy we are finally paying towards a mortgage. We never thought we could get such a lovely place in this location, even the government subsidised rent we are paying is lower than when we privately rented.”

A great example of a re-sale shared ownership property like Adam’s, would be Oregon Building off Beck Close in Deals Getaway. It’s a bright and modern one bedroom apartment situated on the 2nd floor in a 4 storey block development, built in 2004.

This property is well situated a few minutes’ walk from the local shops at Deptford High Street and only a short bus ride away from Lewisham shopping centre, and close to Greenwich and Blackheath. The development boasts attractive communal spaces, an on-site convenience store and a bar/restaurant.

With bright airy interiors complete and newly fitted carpets, this home boasts a wide entrance hall leading to a spacious lounge with an open-plan kitchen and Juliet balcony overlooking to the front aspect. The kitchen is fully fitted with vinyl flooring, a modern oven, hob & extractor, beech coloured wall units and dark grey colour granite effect worktop.                                               

Oregon Building was priced from £190,000 and the minimum share value was £47,500. To qualify for this property with Shared Ownership the minimum single income required was £21,247 or a joint income of £23,283.