Purchasing a property in Newham was an important aspiration for Kalyan Srusti, his wife and two children. Already living and working in the local area, it was important to the family that they remained in East London but due to the high deposit of private sale homes in the area, purchasing a home outright wasn’t feasible.
Kalyan explains: “We have chosen to purchase a Newham NewShare property because the scheme was achievable and affordable for the common man. We could finally see our dream of buying our first property coming true”
The Newham NewShare scheme operates by allowing buyers to purchase a percentage of the property and the remaining share is given to them as an equity loan from Newham Council. Now completed and moved in to their refurbished, two bedroom maisonette in Manor Park, the Srusti family were able to purchase £159,000 of the property that equates to a 60% share of the full market value (£265,000). The remaining 40% loan, provided by Newham Council, can then be paid off in chunks at a low interest over the next 25 years.
When asked what attracted the Srusti family to this scheme they continued… “The reason for choosing to purchase this property was because it was close to where we previously lived and compared to other homes, this property was of good size and had everything that we wished for. We loved that the property was fully refurbished inside and at no point did we feel that it was not a new construction. It is just perfect for our family.”
When asked about his buying experience Kalyan said, “our journey with Newham NewShare started last December (2015), and it was a pleasant journey throughout, exploring and discovering new properties. We are completely satisfied and happy with our buying experience in this scheme and would recommend to other buyers.”
Please speak to our designated NewShare Team for more details
0208 502 5758