case study

Anna Ross, Portishead

Anna Ross (39) used shared ownership to get access to a secure and life-long home for her and her three-year-old-son.  

She was living in Bristol with her parents after separating from her partner and couldn’t afford to buy using a traditional mortgage. She was also restricted from using schemes designed solely for first-time buyers because she had previously been named on the property she lived in with her ex-partner, despite not paying into the mortgage there.

After signing up for alerts on Rightmove she came across a two bedroom flat in Portishead, Bristol, advertised by Aster Group for shared ownership. She successfully purchased a 55% share for £125,000 using a deposit of £14,000.

Anna said: "It was the most challenging time of my life. I quite literally just packed our life up into a car and drove to my parents’ house. I had one-months’ worth of maternity pay left, was about to give my company car back, and was signing the property over to my ex-partner so I was left with nothing. I didn’t know much about shared ownership until I came across the flat and contacted Aster. They gave me so much information about the scheme and within a week the flat was mine. There’s nothing more empowering than owning your own home so I think the Government should do all it can to raise awareness of schemes that are going to help people achieve that. The fact that at 39 I have finally done it makes me so happy. It has changed my life."

Amy Nettleton, assistant development director of sales and marketing for Aster Group, said: ”We know the biggest challenge is saving for a deposit, but shared ownership provides an alternative since it gives people the chance to get on the ladder using smaller deposits.

“Anna’s case shows just how perfect shared ownership can be as an option for those otherwise priced out of the market. That’s why we are committed to building more shared ownership homes and leading the charge in a shift in perceptions around the tenure.” 

Anna hopes to one day increase her ownership of the property but for now is enjoying her new home with her son.

Anna’s costs

She bought a 55% share at £112,500

Monthly rent: £209

Monthly mortgage repayments: £396

Monthly Service Charge:  incl in rent

Customer Deposit: £14,000