I GOT ON PROPERTY LADDER WITH JUST A £3,000 DEPOSIT

Kurtis Marsden has managed to get a foot on the property ladder with a deposit of just over £3,000 by taking part in a shared ownership scheme.

“I left the Navy about two years ago and began renting with a friend,” says Kurtis, 27, who lives in Wiltshire.

“My friend moved to Manchester and I was struggling to pay the rent on my own and ended up moving back in with my parents.

“I felt like I’d taken a step back and believed I had no other options for getting my own place.

“At my age it is impossible to get on the housing ladder without help. You either need to be earning a top notch salary, buy with someone else or have very rich parents.

“I had never heard of shared ownership. My mum, who works as a letting agent, suggested I contact the Aster Group who offer this, to see what they could provide.”

Kurtis has bought a 25% share in a two-bedroom flat for £33,000 with a 10% deposit of £3,300.

He adds: “I’m not fully on the ladder as I only own 25% of my flat. But I plan to have a mortgage on the full 100% value of the flat within five years. I’m progressing in my IT career so, hopefully, I’ll achieve that.

“I’m £250 a month better off than when I was renting. It costs me around £700 a month with all my bills, compared to £650 rent and then bills on top.

“I thought I’d be renting for life, simply pouring cash into a landlord’s bank account. I’m so glad I listened to my mum.

“I think the Government should make all builders create shared ownership homes as part of every development. That would create a decent supply of more affordable properties to help younger people. It would be better than these other schemes where they top up savings.” 25% share of flat:

Deposit: Rent: Monthly service charge: