Being self employed doesn’t stop you from getting onto the property ladder with Shared Ownership, as Moira Mulvey discovered.
Leaving renting behind
Moira is an osteopath and owns her own business in Twickenham, South West London. For years she had privately rented, but she was growing tired of pleasing landlords and not being able to put her own stamp on a property.
However, being self-employed meant she was restricted in the lenders that would offer her a mortgage on the open market. She says: “Being self employed, I’m limited to the mortgage companies that want to offer me their products. Many lenders view it as a more unreliable way of earning, so they tend to steer clear as it’s viewed as riskier than those with PAYE salaries.”
She soon discovered that Shared Ownership would be her best option owing to the low deposits and less money required to borrow from lenders. In March 2021, she purchased a 40% share of two bedroom top floor apartment for £158,000 (£395,000 full market value) at SNG’s Hounslow development, A+.
A step towards full ownership
Moira initially took out a five-year mortgage, but after receiving some money from an inheritance in 2023, she chose to invest it into her home and increase her share to 65%. She comments: “The staircasing process was incredibly easy, I managed to navigate it myself. SNG explained the process to me, and then I took it from there.
Moira continues: “I’ve really seen a difference in my monthly outgoings since staircasing. My mortgage has stayed the same as I haven’t renewed it yet, but the rent has decreased a lot which is amazing! My mortgage is up for renewal in 2026, so I’m hoping I can staircase further to full ownership then.”
Reflecting on her home ownership journey
“All I can say is thank goodness for Shared Ownership!” says Moira. “If it wasn’t for the scheme, it would have been virtually impossible for me to buy being self-employed. It has given me the opportunity to gradually staircase to full ownership, rather than buying upfront and being rejected for a mortgage on the open market. Especially as a single person buying in London.”
All homes at A+ are now sold. For more information about our new collection of Shared Ownership apartments at the nearby development Post House in Hounslow, please visit https://sales.sng.org.uk/developments/post-house.
