Perfect Living - Shared Ownership at Wolverton Park
The shared ownership initiative is designed to assist lower income buyers in purchasing a part share of a brand new home at Wolverton Park.
To be eligible, the property would be your main place of residence and you have a household income of less than £60,000 per annum. The purchase share is dependant on your income and starts at a minimum of 50%. Buyers would then pay a monthly rent to Places for People for the remaining part. After a year, you are then able to buy additional shares of the property .
The scheme is as simple as that! To assist, Places for People also offers 100% mortgages at competitive rates which are fixed for 4 years.
When Katie O’Neil landed her first full-time job as a teacher at an independent school in Milton Keynes, she had no idea how she was ever going to be able to afford to buy somewhere to live – until she looked at Wolverton Park.
"I looked at the prices people were asking for really tiny one-bedroom apartments and I just thought, I can’t possibly afford that," she says. "When I saw what was on offer here I couldn’t believe my luck. I have really landed on my feet."
Twenty-six year old Katie bought her apartment using the fifty per cent shared ownership scheme run by developer Places for People.
"I own half of the property on a hundred per cent mortgage and pay Places for People rent for the other fifty per cent. It still works out cheaper than the other places I looked at, and, I can buy more of the property later on if I want to – I’ve just got to save up."
Katie was particularly impressed with the speed with which her purchase was made. "I was right up against it, time-wise, as I needed to be in and ready for the start of term in September. They were so quick and efficient. Six weeks after I first looked round the flat I was signing the contract to buy it."
But now that she’s moved in, what does Katie think about the apartment and about Wolverton Park itself?
"Basically, I just can’t wait for summer," she says. "I have a lovely little Juliet balcony which overlooks the canal and when the sun comes out it’s going to be wonderful." She also says she’s been amazed at the size of the property.
"It’s just so much bigger than so many other places I looked at," she says. "When you buy a one-bedroomed place you worry that you won’t be able to fit all your stuff in it. I have actually needed to go out to buy more furniture to fill it up properly."
As for the two acre park within the development, Katie thinks it will also get better and better when the seasons change and the sun comes back.
"The park itself is really big," she says. "It’s absolutely lovely especially with the eco-pond and the bandstand. Everywhere looks so clean and tidy and untouched."
Even the best constructed new properties can have their teething problems and Katie says she is delighted with the after-sales service she has received.
"There was a little problem with the plumbing but the Facilities Manager came and sorted it out in no time so I was really impressed and pleased.
As a teacher, Katie works long days, often starting at seven in the morning and not getting home until six at night. However, she is not complaining.
"I’m enjoying my first job and to have my lovely home to come back to – I really couldn’t ask for much more."
Published: 19 January 2010
