Chris takes another step towards owning more of his home

When Chris bought his Shared Ownership home two years ago, it fulfilled an ambition that had stayed with him since childhood. Now, through the new 1% staircasing option, he has been able to increase his ownership using his savings, without adding to his mortgage.

Chris works for the National Probation Service, as a residential worker, he supports people who have left prison as they make the transition back into the community. Having grown up in foster care, owning a home of his own had always been important to him.“I was raised in foster care, so it has always been my ambition to have my own home,” Chris said. “It happened later in life than I originally imagined, but I bought my Shared Ownership home just over two years ago.”

Staircasing is the process through which a Shared Ownership customer buys a larger share of their home. As their ownership increases, the share still owned by the housing provider becomes smaller, which can also reduce the rent payable on that remaining share.

The 1% staircasing option allows eligible customers to increase their ownership in smaller and potentially more manageable steps. Instead of having to buy a larger share at once, they can purchase an additional 1%, subject to the terms of their lease. For Chris, the smaller increment meant he could use his savings to buy more of his home without needing to increase his mortgage. “I thought the 1% staircasing option was a brilliant idea,” he explained. “It gives me a way to build up more equity in my home without adding to my mortgage. It was a no-brainer for me.”

Chris’s additional 1% share cost less than £2,400. Having previously saved each month more generally, he now sees the option as a practical way to put some of those savings towards his home. “I save monthly, and now I am saving towards owning more of my home,” he said.

Support throughout the process

Chris began the process by contacting the Accent sales team, where he was supported by Sales Advisor Katie.

“It was a simple process from the beginning,” he said. “Katie guided me through it step by step and always kept me updated. She worked hard behind the scenes, and I cannot thank her enough.” Chris felt he had the information he needed to make an informed decision and found the process straightforward from start to finish. “Katie explained the whole procedure clearly, so I always knew what was happening. I had no complaints at all.”

Would Chris recommend 1% staircasing?

Although Chris is not currently planning to staircase to full ownership, he values the opportunity to increase the share he owns gradually. He also believes the option could help other Shared Ownership customers work towards their longer-term goals.  “I would recommend it,” he said. “It is simple to do and it allows you to build up your equity in smaller steps. “For younger customers, including couples like my neighbours, I think it could give them more confidence to work towards owning their home outright.”

For Chris, buying an additional 1% is another step in a personal journey that began with the ambition to have a secure home of his own. “I am proud to own my home,” he said. “This gives me a manageable way to own a little more of it.”