Family Mosaic helps many aspiring homeowners get on the property market with its shared ownership schemes before the average age of 35 for a first-time buyer. Steve Tolan is one of those who managed to take his first step on the ladder a few years before the average age. At 32, Steve was delighted to find that he could purchase a larger apartment in a popular location with the help of Family Mosaic's shared ownership scheme.
Living with his family in Essex, the physiotherapist had been looking for somewhere closer to his work. He says: "I had been looking for three years to find somewhere to live but in North London, all the apartments were too small for my budget. I wanted a home and a local community where I would enjoy my leisure time but at the same time be able to commute quickly into central London. I thought it would take me years to find the right place until I visited Brooklyn Apartments in Blackheath. I was astounded by the style, space and quality of the finish - I couldn't believe that this apartment in this sought-after location would be within my budget."
By getting his foot on the ladder, Steve has an extra hour a day that is no longer wasted on commuting and he's only 20 minutes away from Borough Market, where he enjoys spending time at the weekend.
House-hunters can purchase a home with as little as 35% share and pay a government-subsidised rent on the remaining share of the property. However, there's nothing stopping you from buying Family Mosaic homes outright as it offers 100% ownership of its new homes too.
To qualify for the shared ownership scheme with Family Mosaic, you need to be either living or working in the local area and your total household income must be less than £64,300 per annum for a one- or two-bedroom apartment or £77,200 for a three-bedroom apartment. Home-seekers should also have savings of around £3,500 to cover moving and legal costs.
Family Mosaic currently offers properties similar to Steve's across London and in Essex. With properties in Harrow, Brent, Hammersmith and Fulham, Lambeth, Wandsworth, Southwark, Lewisham, Greenwich and Tower Hamlets in London and in Basildon and Thurrock in Essex, there are plenty of affordable new homes to choose from.
Read and download the free What House? Guide to Shared Ownership here.