In 2022, Liberty was keen to buy her first home and take the first step onto the property ladder. As she looked at homes, she realised that it would be hard to save a deposit and afford to buy a house by herself. Luckily, she found out about shared ownership.
When Liberty bought her home, she purchased a 75% share, meaning she owned 75% of the home and paid affordable rent on the remaining 25% share.
Over the next year, Liberty saved to be ready to take the next step on her shared ownership journey, staircasing. Staircasing allows you to buy more shares of your shared ownership home. You can buy a share as low as 10% and buy more shares when it suits you until you own 100% of your home.
By the end of March 2023, Liberty bought the remaining 25% of her property. This meant at only 24 years old, she fully owned her home by herself and no longer needed to pay an affordable rent.
Liberty said: “The process for staircasing was really easy and the team were on it. They gave me the information I needed including how to start staircasing and how to speak to solicitors. I’m glad I found out about the shared ownership scheme and how I could buy more shares over time. I wouldn’t be a homeowner without it.
“If you are currently a shared owner, I would definitely recommend staircasing. It really suited my situation and anyone similar who feels like they can't buy a home on the market, there is a way that you can have more time and become a homeowner.”