September 26th 2024.
Finding a place to call home has become increasingly difficult for first-time buyers, with soaring rent prices and monthly bills eating away at their income and savings. This struggle is felt even more by carers, who often rely on government assistance while living in expensive and inadequate rental properties that don't meet their family's needs.
For Anthony and Iryna Milner, shared ownership has been a saving grace. The couple left their teaching jobs to become full-time carers for their daughter, who was born with a rare genetic condition. With two other children, aged ten and 14, and living on Universal Credit, the Milners had given up hope of ever owning their own home.
"We moved back to the UK from Vietnam in 2014 and were shocked by how unaffordable the property market had become," Anthony recalls. "We faced many challenges with our rental property and struggled to save while paying exorbitant costs to our landlord. Eventually, we were served a no-fault eviction notice, but with the help of friends and family, we were able to get back on our feet and start looking for a way onto the property ladder."
Their dream came true when they discovered that they could purchase a ten per cent share of a home at SO Resi Cambourne, a development in Cambridgeshire. They moved into their spacious three-bedroom semi-detached house in July last year.
"After nearly ten years of being at the mercy of the rental system, it was a dream come true to have a place to call our own at SO Resi Cambourne," Anthony says gratefully. "It was a difficult decision to leave my teaching career, but it was the right one. Renting was especially tough because we never felt like the space was truly ours. But now, we have a much better home with well-designed living spaces, all thanks to the option of buying a ten per cent share."
This ownership arrangement has allowed the Milners, as a family of five, to purchase a substantial home that meets their needs and gives their daughter a sense of independence. "Our daughter feels much more relaxed, and the positive environment has been beneficial for her," Anthony shares. "She even has her own room, which has been a game-changer."
Their goal now is to use the money they would have spent on rent to purchase more shares and eventually fully own their home. "Shared ownership has truly changed our lives, and we plan to stay here for a very long time," Anthony says with a smile.
The Milners were able to purchase their ten per cent share at SO Resi Cambourne for £39,000, and while the development is currently sold out, more homes will be available soon. Interested buyers can find out more about SO Resi developments and the shared ownership scheme.
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