Buying a property through Shared Ownership provides a more affordable route into homeownership for many, thanks to the ‘staircasing’ process. SNG customers Max Roberts and his wife Charlotte have just done precisely that, staircasing their way to full ownership of a property that they initially bought a 40% share of in 2016. Now, the couple are sharing tips to help others take a savvy approach to staircasing.
Starting the journey
“Staircasing our way to full ownership was always part of the plan,” explains Max, a 36-year-old sous chef. “It was part of our thought process when we bought the initial share of the property. We had a long-term plan to own our own home outright and staircasing has enabled us to do just that.”
Max and Charlotte live in Basingstoke with their four children. They bought a 40% share of their three bedroom, end of terrace family home back in 2016. The family had a £60,000 deposit from the sale of Charlotte’s previous house and worked hard to save up for the extra costs that come with purchasing a home, living on a farm in a permanent mobile home to enable them to save faster. Max comments:
“Buying a new build through Shared Ownership suited our family for a range of reasons. Charlotte was pregnant and not working at the time we bought. She didn’t have a great credit score after a previous relationship, so we devised a long-term plan to staircase through Shared Ownership while Charlotte’s credit score improved. It meant we could get a foot on the property ladder while also planning for full ownership in the future.”
Thanks to Charlotte’s £60,000 deposit, the couple initially needed a mortgage of just £60,000 for the property. It cost them £200 per month, while they also paid £500 per month in rent on the remaining share of the home, along with a service charge of £36 per month.
The right time to staircase
Eight years later, with Charlotte now working part-time in a school kitchen, the family felt the time was right to staircase their way to full ownership of their house. With their mortgage due for renewal, they started talking to SNG in the summer of 2024 about how to do so. They also spoke to a mortgage broker, who told them everything was looking positive. They obtained a mortgage in principle in July, so set the ball rolling and submitted a form to SNG to request the purchase of the remaining 60% share of the home.
“We wanted to purchase the remaining share in one go, as that keeps legal fees to a minimum,” explains Max. “SNG quickly told us we could do so and advised us to get a RICS valuation of the house. I actually spent a little extra to get two valuations, as I wanted to be sure I had the very best information in order to progress the purchase. This turned out to be a great move. The second valuation enabled us to move forward more affordably, saving us much more than the £300 that it cost. I would recommend that anyone else staircasing considers doing this!”
The family now pay £1,300 per month for their three-year fixed rate mortgage, having completed on 3rd October 2024. The staircasing process also cost them £2,000 in legal fees and admin costs. No Stamp Duty was payable, as the purchase value was below the threshold.
The best decision for their family
Max and Charlotte would strongly recommend staircasing to those who own a Shared Ownership home, when it is financially viable to do so. Max comments:
“The staircasing experience with SNG was a lot smoother than we expected. It all worked seamlessly, and we were pleasantly surprised by how easy it was.”
“Whilst I’m sure for many people buying a home without any help from buying schemes is preferable, Shared Ownership can be a lifeline for families like us that wouldn’t be able to get onto the ladder any other way. With rental prices so high, it often leaves you in a position where you are unable to save and therefore no closer to owning a home. If there’s any way you can own your house outright, it makes sense to do so. Staircasing through Shared Ownership makes that a realistic and affordable possibility and we are extremely happy that we now have full ownership of our home.”
If you would like to find out more about Shared Ownership, click here.
If you would like to find our more about staircasing, click here.
Information correct at time of publish - Jan 2025