It took just two months for teacher Phillip Minnaar to purchase his brand new apartment in Cricklewood with a shared ownership deal through Octavia Living.
Phillip had believed at with house prices so high and mortgage companies demanding such large deposits, that he would be renting forever. A colleague suggested to him that he should enquire about purchasing a share of a new-build apartment at Parkside Court, where he could start by buying just as much as he could afford.
Phillip explains: "I really didn't think I would ever be able afford a new home as prices in London seem to be rising daily. I felt trapped as I wanted to have my own property but knew that monthly payments would be unachievable, not to mention the deposit! I then found a happier medium with shared ownership. It allowed me to contribute towards a share in a property, but still allowed me the freedom to spend my money on enjoying life."
It wasn't just the thought that he could get on the property ladder that pleased Phillip - he found the buying process simple and it was only a matter of weeks between applying for the scheme and moving in to his new home.
"The whole process was quick and easy - much less hassle than I originally thought!" he says. "I viewed the apartment in August last year and had moved in by October. As I'm a teacher, the summer holidays was a great time to view the property and get things sorted. I'm now an easy 15-minute drive to work - it's a great feeling, I've definitely learned my lesson about not finding out about shared ownership sooner!"
Octavia Living is now offering more shared ownership apartments at its Waites Court development in West Hampstead. With one-bedroom apartments worth £385,000 on the open market, it's possible to buy as little as 25% from £96,250, requiring a much smaller deposit and mortgage and a subsidized rent on the proportion not owned. The price includes a stylish fully fitted kitchen with a range of appliances, fitted carpets and a balcony or terrace.
Call Octavia Living on 020 8354 5601 for more details.
The What House? Guide to Shared Ownership is free to download.