Sarah, 37, a pharmacy technician, and Jed, 35 who is setting up his own digital business, have moved into Moorland View in Meltham with their two sons, aged seven and nine.
The couple have a mortgage on 25% of the property and will pay rent on the remainder until they are in a position to buy more shares, with the goal of eventually owning outright.
Sarah said: “We were trying to save while we were renting but Jed was a student so it was tough on a single wage. Now he is self-employed so we’d struggle securing a mortgage to buy outright. On the open market it is all or nothing but with shared ownership we can buy at our own pace.
“We wanted to own our own place for the security, especially moving to a new part of the country. When you’re renting, you could be kicked out at any time and if you can’t get somewhere else in the same village, it’s a lot of upheaval for the kids.”
“We’ve been coming to Yorkshire on holiday for years and the dream was always to move here when we retired. Sadly, we’ve lost a couple of friends recently and it’s made us realise that life is too short so we decided to take the plunge now.”
The family were previously living in an old RAF base in Rendlesham, near Woodbridge.
Sarah said: “It was in the middle of nowhere and had no facilities so you had to get in the car even just to go to the shop. Here we can be walking in the hills within five minutes. It is ideal, a complete change of life.
“We can also get the train to Leeds, York and Manchester and leave the car at home. The kids love it too as here is a skate park nearby which they go to most days.”
Since upgrading from a two-bedroom to a three-bedroom house, the couple are actually paying less.
Sarah said: “We are a couple of hundred pound better off a month now despite being in a house that is not only larger but also a better standard than the house we have moved from. We also expect the bills to be less as it’s a new property so is much better insulated.”
Shared ownership is not only is ideal for those looking to take their first step on the property ladder but also suitable for existing homeowners whose circumstances have changed to enable them to remain on the property ladder. Take Louise Knight for example.
When Louise, 42, separated from her husband and the couple sold their family home in Huddersfield, she didn’t think it would be possible to get back on the property ladder. That was until she found out about shared ownership at Moorland View, where she is now settling in with her 11-year-old son.
Louise, an Environmental Health student at Leeds Beckett University, said: “After the divorce, I would have had no chance of getting on the property ladder on my own if it wasn’t for shared ownership. I would have had to go into the private rented sector, which is not only shockingly expensive but not that great. I had started looking at private rent and anything decent would have cost me about twice what I’m paying now.
“But most importantly, owning my own home gives me and my son the security we need. The last 12 months have been a turbulent time for both of us so having somewhere I can call my own without having to worrying about the upheaval of another potential move is important, especially as my son has just started high school.”
If you are interested in buying your own home but need help onto the property ladder, visit www.mytogetherhome.co.uk or call 0300 330 5533 to find out more about shared ownership.