Self-employed shared owner takes the step to full ownership

Being self employed doesn't stop you from getting onto the property ladder with Shared Ownership, as Moira Mulvey discovered. After growing tired of the restrictions of renting, Moira bought a share in an SNG home in 2021, and subsequently grew her share just three years later.

Leaving renting behind

Moira is an osteopath and owns her own business, Balanced Body Clinic, located 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. She comments: “Owning a property was never my top priority, I was always happy renting. But with private rentals, you are so restricted with what you can do with a property. Landlords often act as if they are doing you a favour by letting out their property, and I never completely felt like I could relax in a home or decorate it the way I wanted to.”

Moira subsequently decided to embark on her own homeownership journey. 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 our Hounslow development, A+.

A step to 100% 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: “After receiving a sum of money, I was watching the market to check interest rates and property prices. When I saw property prices were creeping up, I thought it was the right time to get the property valued and increase the share.”

She continues: “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. The only thing I would say is that the suppliers you use – such as conveyancers – can be expensive. You just have to make sure you do your research and shop around – don’t necessarily use the same suppliers you previously went with. The original conveyancers I used quoted me double to do it the second time around, so I went with a different company.”

Moira comments: “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.”

Enjoying the benefits of Shared Ownership

 “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.”

She continues: “I know that lots of people say not to go for Shared Ownership as when you staircase, you have to staircase at the current value and not what you bought it at. But I say, if you wanted to buy a brand new property you would have to buy that at the current market value and not the price it was five years ago, so what’s the difference? The option for staircasing has allowed me to get out of renting and gradually own my own home, so I think it’s brilliant.”

Moira is such a believer the scheme, that she has recommended to many friends that are looking to buy a home. She says: “I have a lot of friends that are also self employed and are keen on owning a home. They may be unable to buy a £500K house outright, but Shared Ownership gives them the option to buy a share and then staircase gradually. It might be a longer route to homeownership, but Rome wasn’t built in a day!”

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 - March 2025}