September 26th 2024.
For many first-time home buyers, the dream of owning their own place has become increasingly difficult to achieve. With rising rents and a constant stream of bills, it's no wonder that so many people are struggling to save up for a deposit. But for those who work as carers, the situation is even more challenging. Often relying on Universal Credit, many carers find themselves stuck in expensive rental properties that are simply not suitable for their family's needs.
However, for Anthony and Iryna Milner, shared ownership has been a true lifesaver. The couple made the decision to leave their teaching jobs in order to become full-time carers for their eight-year-old daughter, who was born with a rare genetic condition. With two other children to care for as well, and with Universal Credit as their main source of income, owning a home seemed like an unattainable dream.
"We moved back to the UK from Vietnam in 2014 and were shocked to see how unaffordable the property market had become," recalls Anthony. "We faced numerous issues with our rental property, and it was nearly impossible to save up while paying exorbitant amounts to our landlord. Eventually, we were given a no-fault section 21 notice, and with the help of our friends and family, we were able to get back on our feet and start looking for a way to get onto the property ladder."
Their luck changed when they discovered that SO Resi Cambourne in Cambridgeshire offered shares of just ten per cent on their homes. After purchasing a spacious three-bedroom semi-detached house, the Milners were finally able to move in last July.
"After nearly ten years of being at the mercy of the rental system, it was a dream come true to have a place that we could truly call our own," says Anthony. "Although it was a difficult decision to leave my teaching career, it was the right one for our family. Our previous rental never felt like it was truly ours, but now we have a beautiful home with well-designed living spaces, all thanks to the option of buying with a ten per cent share. As a family of five, it's amazing to have a space that fits our needs perfectly. Our daughter is also much more relaxed and happy in her own room, which gives her a sense of independence."
The Milners' plan is to continue saving up and eventually buy even more shares in their home. "Shared ownership has truly changed our lives, and we plan to stay here for a very long time," says Anthony. The couple purchased their ten per cent share for £39,000 at SO Resi Cambourne, just nine miles from Cambridge. While this development is currently sold out, there are more homes coming soon. Interested buyers can find out more about SO Resi's upcoming developments by visiting their website.
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