Hi my name is Stacey! I’m a 33 year old Executive & Legal Assistant for an e-commerce company and I’ve recently bought a Shared Ownership apartment in Wapping Wharf, Bristol.
My Shared Ownership journey
I previously owned a Sovereign shared ownership apartment in Cirencester, Gloucestershire. I sold the apartment 3 years ago to move to Bristol and have rented here since. I was renting slightly further out of Bristol but wanted to be a bit closer to the city centre without actually being in it – I really loved the Wapping Wharf area from exploring the city so snapped up the chance to do Shared Ownership again and in such a prime location!
My own experience with Shared Ownership has opened up doors for my friends and family - my stepsister purchased a home through Shared Ownership after I bought my original apartment in Cirencester. Also, quite a few people I know were not aware of how the process works but after speaking about my own experience, some of my friends are now looking into going down this route.
Saving for my deposit
To save for my deposit, I made sure that I budgeted and made records of what I was spending my money on. I cut down on things that weren’t a necessity for me such as buying coffees and drinks out. It was important for me to save as much as possible because I really wanted this apartment and realised this was more important than those little things!
I have a Monzo account which I find really useful as it tracks what you spend and gives reports and a saving pot which makes it easier to save. For house bills, I have a separate account with direct debits set up to come out on pay day, this way I don’t need to think about doing it each month and can plan what is coming out.
Applying for my home
The application process was fairly simple and there was lots of easily accessible information on Sovereign’s website. Due to Covid-19 there were delays - I bought my property in May 2020 and completed in February 2021. There was great communication from Sovereign throughout the process and I was kept up to date. This isn't my forever home, however I plan on living here for quite a while and I’d definitely like to purchase further shares.
My new home
My home is a one bedroom apartment, it’s a great size and cost. I’ve only recently moved in but I’m loving having my own space again and it’s in such an amazing location! Close to the centre, beautiful views and running routes on my doorstep, there is a really lovely atmosphere and vibe to the area. It’s nearby to my work, gym and friends. Perfect!
My favourite part of my home is the open living space with the large French Doors, it’s a lovely space to relax and very light! I’m currently decorating my living room area - I’m going for dark charcoal walls, with gold accessories, dark wooden reclaimed furniture and lots of green plants!
FAQs
We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left. It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
You buy a share in your home that’s right for you. That could be from either 10/25% and up to 75% initially. You’ll pay a reduced rent to us on the share we own and a monthly service charge.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.