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Samuel and Georgia wanted to own the home they’ve lived in for most of their lives


Samuel and Georgia have been living in their council property for most of their life, bringing their children up in their flat in Elephant and Castle.

They were offered right to buy, but unfortunately, they were unable to borrow the full amount needed to purchase the property. Therefore I negotiated a shared ownership option with the council, where they bought 75% of the property and rented the remaining 25%. It was difficult to find a lender that would accept right to buy and shared ownership. Samuel and Georgia also needed their overtime income from the last 6 months to be accepted in order to afford the 75% purchase. Luckily I like a challenge.

“The lender was happy to accept both their overtime income”

I quickly found a solution – the lender was happy to accept both their overtime income and looked at the right to buy shared ownership options – we also got a competitive rate of 1.56%, within the clients budget, allowing them to continue to live comfortably. Hopefully, in the next few years, their incomes will have increased to a level where they can purchase the leftover 25%, and Coreco will be there to help again!

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Adviser: Louise Kelleher

Purchase price: £385,000

Loan: £211,820

Arrangement Fee: £995

Rate: 1.56%

Term: 23 years