When 39 year old an Christopher Egan began looking to buy his own home, he was only too aware that prices in the Ribble Valley where he grew up - were simply too high to secure a mortgage on his own. “I was very keen to get on to the property ladder as soon as possible, and although I was aware that prices locally were prohibitive, I also knew that shared ownership was an option worth considering.
“I was living in a loft conversion at my parents’ home, which although convenient, was not ideal long term. I contacted Plumlife to find out my options,” explained Christopher, who works full time as a support worker for a homeless charity.
Plumlife is a government appointed, not for profit company which specialises in affordable home ownership schemes such as shared ownership across the North West. From luxury urban apartments to family homes in the suburbs, Plumlife has helped hundreds of first time buyers climb on to the property ladder
Christopher plumped for a stylish two bedroom, top floor apartment at the brand new Petre Wood development situated in the heart of the picturesque village of Langho.
Backed by Ribble Valley Borough Council in partnership with Plumlife, Petre Wood in Langho comprises a mix of 32 two bedroomed apartments and three bedroom homes, available to buy on a shared ownership basis. The homes have been built to meet exceptionally high eco-standards, with features including double glazed timber window frames instead of PVC (a more costly but environmentally friendly option), as well as solar heating panels designed to reduce energy bills and protect the environment.
Set in an idyllic, highly desirable semi-rural location with stunning views, Petre Wood offers the increasingly sought-after combination of modern design within a tranquil and traditional countryside setting. All properties feature contemporary fitted kitchens and bathrooms, front and back gardens, and have the advantage of off road parking. Demand has been so high that now only three two bedroom ground floor apartments remain.
Christopher was pleased to discover that he could comfortably afford to take a 35% share of a two-bedroom apartment, on the market for £115,000. He will pay £230.00 per month for his share (£40,250) of the mortgage, which he took out with the Leeds Building Society, and a further £260 per month in rent to Plumlife for the remaining 65% owned by Plumlife. His rent is inclusive of the monthly service charge.
“Shared ownership was the best option for me. It will give me the space and independence I want, at a price I can afford. Although I will own a 35% share, it’s far better to own part of something than throw money away on renting. I’m in this for the long term, and there is no question that investing in property is still worthwhile.
“The apartment itself is fantastic. I love it! It’s light, contemporary and ideally located for my work,” adds Christopher.
Like many shared ownership buyers, Chris’s hopes to be able increase his share in the property – known as stair casing – which he can do in stages or in a single lump payment. “I’m hoping to increase my share in the future and I’m going to buy outright when I’m able to do so. It’s good to know I’m on the property ladder and that over the next few years, I could own my own property outright. The credit crunch doesn’t worry me, in fact if anything – should the value of my apartment drop in the next couple of years, it will simply mean I can afford to buy a bigger stake in it more quickly.”
For those interested in living in the Ribble Valley, we are soon to be launching a brand new development in the picturesque village of Mellor. Further details are available from the Plumlife sales team on 0161 447 5050
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