Meet Eddie – shared ownership

Eddie Risby separated from his wife and had to live with friends for months before finding out about shared ownership and purchasing a brand-new two-bedroom flat.

“After separating from my wife, and having to sell the family home, I was left with just over £100,000 to get a new home. At the age of 61, I was considered too old to get a mortgage, so buying outright was my only option.

“I didn’t know anything about shared ownership – I thought it was something just for young people. But, when I looked into it and met Clarion’s sales advisor, it become clear it would be the perfect solution for me.”

As a share-buyer, Eddie paid £93,000 for a 35% share of his new flat, meaning he is mortgage free and pays £560 a month, which covers his existing rent and service charges.

“It has been a saviour for me. Had it not been for shared ownership, I would have had to rent privately which would have been more expensive. I calculated that my outgoings would have been more than doubled if I rented privately, plus I wouldn’t have had any security. Now, I’m in a stable position and in a location I’m happy with.

“Being a new-build property was also very attractive for someone of my age, particularly as they are finished to a good quality.

“There’s a lack of understanding out there about shared ownership and how it can help people in different circumstances. My son is 21 and has just finished university. I have told him that he needs to get on the housing ladder and that shared ownership is a good option.”