Customer Stories

26 year old engineer Versha Mistry had been renting privately with a friend in Leytonstone for three years. Like most young professionals she was keen to get on to the property ladder but couldn't afford it.

“Many of my friends are married or have partners, but I am on my own and this made buying my first home very difficult,” she said.

One day last autumn she was walking past Leyton Orient football ground and saw a new development on the corner called The Q Apartments. Versha contacted us about the apartments which were available on the New Build HomeBuy scheme. She was soon the proud owner of a beautiful new home.

“I bought a 55 per cent share of a £202,000 flat,’ she said. ‘I would love to be able to buy more over time, as and when I can afford it. I do see it as a good investment – with the Olympics coming to this area in 2012 I think it was a good move.”

Jermaine Thompson, 26, manager of a phone shop despaired of ever getting on to the property ladder. He was living at home with his mother, stepfather and two younger brothers and wondering how to make the next move.

‘Then my mum, who works for the Housing Corporation, told me about the New Build HomeBuy scheme’ he said. ‘The part-buy, part rent scheme seemed perfect.’

‘It took just five or six weeks from start to finish, it was so quick. So painless. One day I was saying: “oh, I’d like to do this," and the next I was asking who had a van I could borrow to move my stuff in!’

He’s now happily settled in his two-bed flat at the Centreway development in Ilford, Essex, but is still very much living alone. ‘I look at my nice cream carpet and I think, "I don’t want anyone to mess this up",’ he joked.

Kirsty, 25 had always lived east of the City in rented accommodation since she started working there a few years ago. She was keen to buy, though, and as soon as possible.

However prices on the open market were way out of her reach. “I had heard from various people about housing association schemes,’ she said. ‘Searching on the internet I found the East Homes website and had a look.”

She made an appointment to view the Maltings development in Bromley-by-Bow. “I went to see it, immediately put down a deposit on the one I liked, and the next day heard I’d been successful!”

“As far as my monthly outgoings are concerned, I’m better off than I was when I was paying a private rent on my previous home,” she said. “The rental half is a lot less than the rent I was paying on my old flat, and of course I have shares in the property!”

Eduardo Martin was 25 years old and still living with his parents. He had been looking for a home of his own but just couldn’t afford London house prices.

He saw an advertisement for shared ownership (New Build HomeBuy) from East Homes, applied for an apartment, was accepted and now lives in a spacious one-bedroom apartment in Stratford. The apartment is valued at £153,000 - he bought a 45% share and rents the remainder from East Homes.

"My £25,000 salary as an IT worker just isn’t enough to cope with London prices. The IT support boom and the days of inflated salaries are over.

My apartment is on the first floor and I have access to the shared roof terraces on my floor as well as the upper floors where you can see all over east London down to Canary Wharf and the London Eye."

Roy Smith, 27, knew it was time to buy his own home. He’d saved a deposit and found the ideal new flat offered on part buy, part rent basis at Meridia Court in Stratford, a new development by East Homes and Telford Homes with communal courtyard and gym. But despite having a good job as a retail branch manager, Roy’s savings didn’t quite match the banks requirements to secure a mortgage.

“I fell in love with the flat and knew it was the one for me. I was determined to get on the property ladder, but my bank wanted 20-30% deposit,” explained Roy. Then East Homes introduced Rent Now Buy Later. “It’s brilliant,” said Roy. “It allows me to save for a deposit while renting the home I will eventually buy.”

Roy was so hooked on Meridia Court as he is a keen footballer and loves to keep fit. “I can even cancel my gym membership as I have use of the complex’s gym. That’s more money that can go to my deposit!”

Michael Berry was 29 years old and single. He has a good regular job as a Retail Buyer for Selfridge’s in the West End of London, Michael earns a moderate salary, but, like many other professional people, even the most generous of mortgage lenders would not have enabled him to buy outright.

He was introduced to the idea of New Build HomeBuy (formerly shared ownership) by a friend, and registered his details with East Homes, part of the East Thames group.

He bought a 50 per cent share in the one-bed property in Vickery Wharf, a canal-side development in East London and pays rent on the remaining share.

"It’s perfect for me,’ he said. ‘Fitted kitchen and bathroom, and it’s an easy journey to work. I think the area is going to improve greatly,’ he said. ‘It’s a great investment."

Shaun Morgan, 36, had been sharing a flat for some time, but when his friend moved on, Shaun decided to find a place for himself.

But despite a good, regular job, he couldn’t afford to buy on the open market. So he approached East Homes about their shared ownership (New Build HomeBuy) schemes and quickly moved in to a brand new, one-bed apartment with fitted kitchen and bathroom.

The full sale price was £152,000 – but he bought 50 per cent of the equity, and pays rent on the remainder. He has the option of buying more equity when he can.

"The apartment’s great, with a huge living room, bedroom and it’s even got a balcony; I had friends over for Sunday lunch and they couldn’t believe how big it was."

Sarah Kingman, 22, and her partner Sergei Batsurko had been living with Sarah’s parents in Brentwood because they couldn’t afford a property of their own. Now they’re renting a beautiful new apartment in Market Place, Romford – with a view to buying shares in it (on a part-buy, part-rent basis) within the next three years.

The couple were introduced to the idea by Sarah’s sister, who had purchased a part-buy, part-rent home through at another East Homes development before Christmas. Once they had decided on the apartment they wanted, Sarah and Sergei were stunned at how easy the whole process was.

Sarah said, ‘The people we dealt with were so helpful. We looked at the place on the Saturday, decided on the Monday that we wanted it, and were in within two weeks! It’s a really lovely place, very pretty, and it feels like a little house because it’s built around an open courtyard’ Sarah and Sergei put down only one month’s deposit, and pay just £720 a month for a spacious two-bed apartment.