Gurpritam Singh (37) was in a quandary. He was keen to get on the property ladder and purchase a bigger home for his wife and their two children, but still have enough disposable income. However with high house prices, Gurpritam wasn't prepared to spend all his money on mortgage repayments, nor did he want to keep throwing the family's money 'down the drain' on monthly rent.
"We wanted to get onto the property ladder and have somewhere we could call home, but we couldn't find a solution that worked for us as a family," says Gurpritam who works in the financial industry.
The couple then chanced upon the family-sized apartments available to purchase through shared ownership at Lime Walk, a landmark scheme of 81 apartments by Network Homes that is a key part of the wider regeneration of Wembley Park. Using part of their savings of £40,000 to put down a 25% deposit, the family bought a 35% share (valued at £156,000) of a three-bedroom, two-bathroom apartment. The apartment's full market value was £445,714.
Whereas their previous monthly outgoings were £1,350 per month, the family now pay a total of approximately £1,307, comprising £575 mortgage repayment, £600 subsidised rent and £132 service charges.
Finding appropriately sized accommodation at an affordable cost is becoming increasingly challenging for the capital's families.
As well as making financial sense, the excellent design, specification and build quality also impressed the family. "The apartment is lovely and bright with lots of storage," says Gurpritam. "Also, we didn't want a home that was entirely open plan. We wanted a separate kitchen as we do a lot of home cooking, as well as entertaining friends and family."
Like many of the buyers, Lime Walk's location down a quiet, residential street was a big draw, as were the communal gardens, which his wife feels is safe and secure enough to allow her children to play outside with the neighbours' kids.
All in all, purchasing at Lime Walk has been a very successful move.
"Shared ownership has made the world of difference to me and my family," says Gurpritam. "It's such a relief to be in our own place; it's brought stability to our lives. Now that we've decorated and made it our own, it really feels like home. We are very happy."