Shared ownership isn’t ‘sharing with a stranger’

For Mark Jacinto, 34, and his wife Irish Jacinto, 34, shared ownership hadn’t even been an option when they started their property search. After a reality check from their mortgage broker however, alongside an explanation of how the scheme really works from a shared owner friend, they realised it was the right solution for getting onto the ladder in London without having to compromise a thing.

Mark says: “Shared ownership wasn’t on the cards initially. We’d assumed it meant sharing with someone we didn’t know and had written it off before really looking at it properly. A renovation property wasn’t an option for us with a toddler, and we knew if we wanted to stay in London, with easy access to work - and to purchase a newly-built home in a nice area - we had to think again. During a play date with a friend who lives in a shared ownership home herself, we found out more about what it actually meant and the benefits it provides. It was a real eye-opener.”

After doing their research, the family looked at a range of newly-built shared ownership homes in July last year before choosing a brand new two-bedroom apartment at Meridian One in Enfield, through Sage Homes. They confirmed their interest in purchasing before the week was out, and moved into their new home in October.

Mark says: “Home ownership in London felt impossible. We saw a lot of properties on the private sale market but were disappointed to find there wasn’t much on offer that supported our budget as first-time buyers. To save a big enough deposit would have taken years and with prices increasing, it felt like chasing a pipe dream. We felt like renting was money down the drain and with a young child we were desperate for the reassurance and stability that ownership can bring instead of being at the mercy of a landlord.”

“For buyers on a budget, especially in London where property prices are out of reach for so many people, shared ownership provides a realistic alternative to getting onto the property ladder – and in a newly built home. The scheme has made our dream of home ownership in London a reality. It really is worth considering and shouldn’t be dismissed without researching it first.”

The family chose a two-bedroom apartment priced at £132,750 for a 30% share. They put down a deposit of £22,000, more than the minimum to bring down their monthly payments, and took advantage of a 5% deposit contribution incentive.Their monthly payment is £1,490 including mortgage, rent to Sage Homes and service charges. Mark says: “We were previously paying £1,300 a month in rent for a one-bedroom property. The uplift in costs has been minimal considering we’ve gained an extra bedroom and have a brand new home, not to mention the fact we’re actually on the ladder.”

Meridian One offered the community feel and peaceful atmosphere they’d been searching for. Mark says: “We had a gut feeling about the place – it was something special in that it offered proximity to everything London has to offer but still felt like a tranquil escape, which was a priority as parents of a toddler. The playground across the road is a firm favourite!”

Both Mark and Irish work at St Bart’s Hospital in the City of London, as an ITU Nurse and Medicine Support Worker respectively. The development affords them excellent transport links to work via the London overground and tube network, with a door-to-door commute of 40 minutes. Mark explains: “We’re really close to the station and just 15 minutes via Greater Anglia line to Stratford which gives us great access to all the places we visited when we lived in our old neighbourhood.”

The upgrade has also provided valuable extra space inside and the convenience of a new-build home has been extremely welcome for the busy family. Mark explains: “Our closest family live in Hitchin outside of London so the extra bedroom is really useful for when people come to stay, it feels like a real luxury to have that space. Our home feels like freedom. Being new when we moved in meant we didn’t need to touch a thing.”

Shared Ownership enables buyers to purchase a share of a home, typically between 25% and 75%. This method requires a much lower deposit compared to the full market price, making it more accessible for many families. Buyers only need to take out a mortgage for their share (making the purchase more affordable) and they pay a monthly rent for the portion they do not own.

The homes at Meridian One are finished to a high specification with contemporary kitchens boasting integrated Bosch appliances and sleek modern bathrooms. Living areas and kitchens have soft oak-effect flooring, while the bedrooms are carpeted. Main bedrooms include built-in wardrobes, and underfloor heating adds comfort throughout. Bike storage is available, with some car parking options. Residents can enjoy a community garden, playground, and on-site skate park, with the beautiful Lee Valley Regional Park just 20 minutes away.