26 year old PR executive, Eleanor Leal Lunar, and her husband Henando, 37, a professional chef at Manchester United, were keen to get on the property ladder, but like many young professionals, struggling to save for a deposit.
Following a wonderful wedding in Columbia, the couple returned to Manchester, where they were renting a studio apartment in Salford Quays. They were all but resigned to renting long-term, until they spotted Alder Street - a new Shared Ownership development in nearby Langworthy, Salford.
Homes were being sold through Plumlife from just £44,000 for a 40% share. The full price was from £110,000. “I went along to the show home as soon as it had launched,” said Eleanor, “and loved it instantly.
I didn’t know much about how Shared Ownership worked, so I chatted at length to the sales adviser about how the scheme works. “After some number-crunching with an independent mortgage adviser who we accessed through Plumlife, we realised that we could comfortably afford to buy a 40% share of a fab two bedroom home.
We secured a mortgage with the Nationwide, and with our savings were able to put down a 15% deposit on our share. This amounted to £6,600. That left a mortgage of £37,400 – for which our monthly repayments are £200.
Rent to Plumlife on the 60% we don’t own is £170 pcm, which includes the service charge.” The total the couple now pay is £370 pcm – a whopping £100 a month less than they were paying for their tiny studio in the Quays.
“We love our new home,” concludes Eleanor. “We’ve got loads of space in a great location close to the centre of Manchester. Despite being in an urban neighbourhood, the development feels very safe and secure, and transport links in and out are great – it’s ideal for us.” The Alder Street development was built by award-winning Manchester-based developer, Great Places Housing Group, in partnership with Salford City Council, the homes are part of the extensive regeneration plans for the area.
It has since been nominated for a national award by First Time Buyer Magazine. All but one of the homes have now been snapped up, but for information on all other Shared Ownership developments in Greater Manchester, Lancashire or South Yorkshire, contact Plumlife on 0161 447 5050 or visit the website: www.plumlife.co.uk