Couple upgrade to a four-bed townhouse in north London through shared ownership

Finding a home within her budget and providing enough space for herself, partner Daniel Lopez, their 18-month-old twin girls and his two older children who stay regularly, posed a huge challenge for Mallory Carmel Fry.

But by utilising shared ownership, she was able to buy a four-bed townhouse off-plan at Eastman Village in Harrow Weald through Hyde New Homes, and is looking forward to moving in shortly.

The scheme allows people with a maximum household income of £90,000 (£80,000 outside London) who can’t afford 100% of a home to buy a share and pay rent on the remainder to a housing association.

The initial stake is between 25-75% of its value (set to fall to 10%) and further shares can be purchased later on.

‘We viewed Eastman Village while it was under construction and were really impressed by the plans,’ says Mallory, who works as a client partner in media and advertising.

‘We could see it would be an environment we could immerse ourselves in as a family, and shared ownership made it affordable. I work from home while Daniel looks after the twins, so we needed a study plus separate bedrooms for his children.’

Having discussed her buying options with a specialist mortgage adviser recommended by Hyde, Mallory decided to purchase 25% of her home, putting down a 10% deposit towards this share.

She can’t wait to settle into her home, which is built around a communal garden and matches the family’s needs perfectly.

Do the maths: How shared ownership made their family home affordable

(For a three-bed, two-bath flat)

Full market price: £551,000

25% share: £137,750

Minimum deposit: £13,775

Mortgage: approx. £588 pcm

Rent: £947 pcm

Service charge: approx £210

Monthly spend: approx. £1,745

‘Daniel and I love the layout and the thoughtful attention to detail,’ she says. ‘There’s a skylight at the top of the house and the washing machine upstairs near the bedrooms – ideal as we do so much laundry!’

Eastman Village’s proximity to numerous local parks was another selling point, she says.

‘Daniel is a keen runner, and we tend to spend a lot of time at playgrounds, even in the winter, so it’s great to have so much green space on our doorstep.’

Looking ahead, the family plans to stay in Eastman Village long term, with a view to buying a larger share of their home at some point.

‘It’s a great feeling to have found our perfect home so close to central London and with the space and amenities we need to bring up our family,’ says Mallory.

‘Without shared ownership, we would not have been able to buy a four-bedroom home in London. There’s nowhere else I’d rather live.’

25% share of £331,000, going up to £137,750 for 25% of £551,000 for a family-sized three-bed, two-bath home via Hyde New Homes. Barratt London has one and two-bed private sale apartments starting at £295,000

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