Shared ownership enables Tim to make his dream of owning his own home a reality.
Tim Bowler was the first of the shared owners to move into their new home on Longhurst Group's Kingfisher View development in Whittlesey, Cambridgeshire. Tim bought a 45% share in his three-bedroom semi-detached home after being priced out of buying a property in Windsor.
“Trying to buy a home in Windsor was just too expensive,” Tim explained. “You can’t even buy a one-bedroom flat [in Windsor] for what I’ve paid here, even when taking into account the full market value.
“I know Peterborough reasonably well as I’ve got friends here, so I came to have a look at a few places. The big attraction was Kingfisher View overlooks a nature reserve. The houses are nice looking and I’ve got enough space for what I need.
He added: “Affordability was the main thing for me with shared ownership. It’s made home ownership more attainable, more quickly. I had a small deposit, which was enough for this place; saving to buy something outright would’ve taken me another two years, at least.”
Tim said that staircasing – through which shared owners can purchase further shares in their home – was something he was considering in the future.
“It’s all been a completely new process for me. You’re dealing with the mortgage side of things and also the rent, but Longhurst Group’s team went through it all with me. It’s been a really easy process and I’d definitely recommend Kingfisher View or other Longhurst Group developments to people in the same situation as me.”