Fahid gets on the property ladder thanks to Plumlife and Shared Ownership
Fahid was a first-time buyer sick of looking around over priced properties, with small living spaces, on his limited budget. His four year-long property search was proving fruitless before he heard about Shared Ownership.
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Fahid, 30, an IT engineer at Blackburn Royal Hospital was living at home in Ewood, Blackburn, with his mum to help with mortgage repayments after his father passed away in 2012. The home she bought over twenty years ago was in desperate need of building maintenance and was beginning to affect his mother’s health. The costs of over-priced mortgage and the prospect of fitting new insulation, a new roof, full rewiring and new window frames was too much, so Fahid began searching for a modern, newly decorated home for them to move to.
On his wish list was a house with a smaller mortgage and fresh, contemporary look. He had a deposit of around £6,700, but realised this wasn’t going to be enough on the housing market. While researching on Rightmove, he spotted a three bedroom, semi-detached Plumlife home, with two bathrooms, a living room, dining room, two car drive way, a shed and garden in Shadsworth.
Fahid said: “My first impressions were ‘wow’. The house was airy, spacious and looked really modern. The process was simple and moved very quickly. In terms of the financials we paid roughly £9,000 - £10,000 before moving in. This included our £6,700 deposit, solicitor’s fees, the registration cost and the costs for carpets, as we purchased the show home and had to pay for extra fittings.”
Fahid found the process of working with Plumlife really simple. He said: “Everything went really smoothly. Plumlife staff were happy to answer any questions I had on the phone or by email. We currently own a 40 per cent share of the house and will then choose to staircase the property and my aim is to buy the whole home eventually. Our rent is £162 a month and we pay £236 for the monthly mortgage.
“My advice to others thinking of the Shared Ownership option is go for it! Shared Ownership is wonderful because you can buy a small stake in a property and work your way up. I would recommend it to anyone looking for a lovely modern house on a budget.”