September 26th 2024.
For many first-time home buyers, the increasing cost of rent and monthly bills has made it nearly impossible to save up for a down payment. This is especially true for those in the caregiving profession, who often rely on Universal Credit while dealing with the added stress of living in expensive, inadequate rental homes that don't meet their family's needs. However, for Anthony and Iryna Milner, shared ownership has been a saving grace.
The Milners made the difficult decision to leave their teaching jobs and become full-time caregivers for their daughter, who was born with a rare genetic condition. With two other children to care for and living on Universal Credit, they had all but given up on the idea of owning a home. However, after returning to the UK from Vietnam in 2014, they discovered that shared ownership was a possibility.
"We were struggling with our rental property and the constant struggle of trying to save money while paying ridiculous fees to our landlord," explains Anthony. "Eventually, we were forced to leave due to a no-fault eviction notice. With the help of our loved ones, we were able to get back on our feet and start thinking about buying a home."
Their dream came true when they found out that they could purchase a ten per cent share of a three-bedroom semi-detached house at SO Resi Cambourne in Cambridgeshire. They moved in last July, and it has been a life-changing experience for them.
"After nearly ten years of being at the mercy of the rental system, it was a dream come true to have a place of our own at SO Resi Cambourne," says Anthony. "Although it was a tough decision to leave my career as a teacher, it was the right one. Our rental home never felt truly ours, but now we have a beautiful and well-planned living space, thanks to the option of shared ownership."
Not only has their new home provided them with much-needed stability, but it has also given their daughter a sense of independence. "She finally has her own room, and it has made a positive impact on her well-being," says Anthony. "We are now able to save the extra money we would have spent on rent to purchase more shares of our home."
The Milners purchased their ten per cent share for £39,000, and they plan to stay at SO Resi Cambourne for a long time. Although the development is currently sold out, they highly recommend considering shared ownership for future home buyers. "It has truly changed our lives," says Anthony. "We are grateful for the opportunity to finally have a place to call our own, and we are excited for the future."
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