Shared ownership is often suited to young first-time buyers, who’d otherwise be priced out of the property market.
But for Cathy and Ian Kinnon who are both 53-years-old, shared ownership offered them a chance to downsize and prepare for the future, in a new home they know will offer more security than privately renting.
The pair viewed a show apartment at Corporation Street and immediately fell in love with the area and the fact they’d be able to purchase a ground floor flat: “I’ve got mobility issues and at the moment we’re renting a three-bedroom house, which has three floors”, said Cathy.
“It’s an old Victorian terrace with really steep stairs, so the idea of living in a ground floor flat was just so appealing. We don’t know what the future holds for me and my mobility which we were concerned about. But our new home will be well suited to us for now and for the future as well”, she added.
The couple, who both work as civil servants, have been privately renting for nine years. They’ve lived in their current three-bedroom home in Rochester for five and a half years.
“This is my second marriage and Ian’s too. It’s been a tough journey for us and we’ve had difficult times in the past. But where we’ll be in the next couple of months will be amazing. We’re so excited to be going into the next chapter of our lives; into our first home that we own together”, said Cathy.
And their new home is all about helping them prepare for their future together.
“We’re paying £865 a month at the moment, which we know we won’t be able to afford once we’ve both retired. Our new home will be slightly more for the short-term, because we’re only having a 15 year mortgage. But by the time that’s paid and we’re ready to retire, we’ll be much more secure for the future, and will only have to our pay rent and service charge”.
A lot of shared ownership buyers find it’s often cheaper than privately renting. If you can't afford to buy in one go, shared ownership lets you buy a share of your home and pay rent on the rest.
Cathy’s two sons live in shared ownership homes too. She’s seen the successes they’re having in their homes and would encourage others to do the same: “Private renting is quite extortionate so part-buy part-rent is a very good compromise - I’m all for it.”
They’re moving into Cloudesley House: “It’s right in the heart of Rochester so it’s going to be so lovely. Ian works in Canterbury and sometimes has to get the train to work; it’ll be so handy for him as the train station is right next door”.
“I’m really impressed with everyone who’s been involved. The process has been so simple.”
Cathy and Ian have purchased their home through our sales agent Currell part of the Savills Group.
We’ve provided 89 homes at Corporation Street; 53 one and two bedroom apartments for shared ownership and 36 one, two and three bedroom flats for private rent. It’s our new flagship development close to historic Rochester’s town centre.
“It’s great to see how our new homes at Corporation Street are providing safe and secure places to live, whilst also serving as a stepping stone to a better future. We’d like to congratulate Cathy and Ian and send them our best wishes in their new home together. We’d encourage anyone looking to downsize or purchase their own home to have a look at our shared ownership homes and get in touch with us”, said Stephanie Goad, Operations Director from mhs homes.