Climbing the ladder: how one couple used shared ownership three times to upsize with their growing family

The couple used shared ownership three times and now own a house worth £527,500.
Toby Carter and Chloe Holmes pictured with daughter Ellie May Carter
S Saunders
Anna White21 September 2018

Toby Carter and his partner Chloe Holmes were 25 when they bought their first home eight years ago, a one-bedroom flat in Berkshire.

“We were living with our parents and knew we couldn’t afford to buy on the open market,” explains Toby, who works for a ceiling manufacturer.

However, they could stump up the five per cent deposit needed to buy a shared-ownership apartment in Thames Valley Housing association’s Kennet Island scheme in Reading.

The full value of the home was £125,000. They bought a 40 per cent share for £50,000 and put down a deposit of just £5,000.

“We made monthly mortgage payments on the share we owned and payments to Thames Valley Housing on the remaining share. Securing our home with such a small deposit meant we were able to get on the property ladder much sooner than if we’d saved for a deposit for a home on the open market at full price,” says Carter.

The pros and cons of shared ownership

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Staying with So Resi, the shared-ownership arm of Thames Valley Housing, they upsized five years later when they were expecting a baby to a two-bedroom maisonette, also in Reading.

The prospect of another new arrival, the now delayed Crossrail, had boosted their home’s price and therefore they could afford to take the next step.

The full value of their second home was £300,000 and they bought a 40 per cent share for £120,000.

Sticking with shared ownership in the home counties, the couple have moved again, to a house in Winnersh, Berkshire.

The full value of their current home at Hatchwood Mill is £527,500. They bought a 40 per cent share for £211,000, putting down a £32,000 deposit.

The area is well connected, with nearby Winnersh railway station providing direct routes to Wokingham in six minutes and Reading in 12 minutes. From Reading station to Paddington, current services take 27 minutes.

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