First Time Buyer climbs to full home ownership
Shared Ownership is becoming an increasingly popular route onto the property ladder for first time buyers.
Through our experience with housing Londoners over the years, Family Mosaic is now witnessing residents reaching full home ownership through Shared Ownership. One of these residents is 35 year old Ultan Molloy who purchased a flat in North London over four years ago and has now staircased to full home ownership.
Ultan, an engineer for the BBC originally purchased his home at Aquarelle House in Islington through Shared Ownership in December 2011. He bought 45% of the property which cost £275,000 at the time.
The value of Ultan’s home has now significantly increased along with his equity, allowing him to remortgage and reap the benefits.
With the addition of his personal savings, Ultan has been able to staircase up to full ownership of his one bedroom upper ground floor flat with terrace.
He describes the process of buying his home through Shared Ownership as a simple experience.
Ultan says: ‘I think that there was a lot of stigma around Shared Ownership when it was first announced as no-one really understood what it was or how it worked. I went and spoke to a Family Mosaic expert who broke it all down for me, and along with my own research, gave me the confidence to buy my own home.’ He went on to say: ‘It was very straightforward to staircase to full home ownership once I had acquired enough money.’
With a lively and friendly community around him, Ultan is happy that he has a place to call home as his job often takes him around the world to locales including Ukraine, South Africa and Iraq. He says that he could not have possibly purchased his apartment without Shared Ownership, and comments: ‘I think it’s a great way to get onto the property ladder as I literally would not have been able to otherwise. I was determined to live in Islington as I’ve rented here for 7 years and know the area well; I never thought I’d actually be able to own property here with the current prices though. My friends are looking for their own homes too now after seeing mine.’
Aquarelle House is located in the heart of Islington in thriving North London. The development comprises 1, 2, and 3 bedroom homes all boasting a modern specification in a great location. Situated next to the picturesque Regents Canal, residents can benefit from the zone 1 location with Angel tube station just minutes away from the development.