What I Own: My £210,000 Birmingham apartment is a shared ownership bargain

Eleanor Noyce

Published January 4, 2025 8:00am Updated January 14, 2025 2:21pm

METRO - Michael Sword, 37 of Birmingham at his shared ownership home in Belgrave Village. — This week, we’re in Birmingham meeting Michael Swords (Picture: SWNS)

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

This week, we’re in Birmingham visiting Michael Swords, who bought his one-bedroom flat through shared ownership in 2024.

Michael has saved countless pennies by opting to part-own through the scheme, which allows buyers to purchase a percentage of the property with a reduced deposit.

If he rented his apartment in full (rather than paying a share of the mortgage), he’d have to fork out £400 extra per month.

Here’s what Michael had to say about his property journey…

Tell us about yourself!

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I am 37 years old, working as a property lister for Connells Estate Agents in Birmingham. I currently live alone in Belgrave Village with my small dog, Jack.

Whereabouts is your property? What do you think of the area?

My property is in Belgrave Village, in the B12 area of Birmingham city centre.

As a dog owner, the green space and peaceful surroundings was as important to me as a quick commute to the office.

When did you move in?

I moved in on July 31, 2024.

How much does your property cost?

The full value of my one-bedroom apartment is £210,000. I purchased the home via shared ownership (through Home Reach by Heylo) and own a 30% share.

I reserved off-plan in December 2023 when the property was under construction. A very similar apartment at Belgrave Village has just sold for £230,000.

How much was your deposit?

My deposit was only £3,000. The low deposit requirement is what made it possible for me to buy this newly built apartment.

What is the monthly cost of living here now; both mortgage and bills?

I pay a £340pcm mortgage repayment, together with £337pcm rent for the remaining 70% of the property, so £677 all together. If I was renting this apartment, I would be paying £400 a month more.

As it’s an energy-efficient new build, the bills are very low. There’s no gas here, and electricity and water costs me a total of £80 per month.

How did you save up for your deposit?

By cutting back on social events and avoiding spending money where it was not necessary, such as takeaway lunches and coffees.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

The mortgage application was very easy and stress-free. My mortgage adviser – Jack Speed from Connells – took care of the entire process and made it a very pleasant experience.

Can you share details on your mortgage (rate/term)?

I secured a two-year fixed-rate mortgage from Skipton Building Society at 5%.

Where did you live before this – were you renting or living with family?

I was renting previously, and then a year before I intended to move to Belgrave Village, I gave up renting and moved back with family to save money.

What made you want to buy rather than rent?

I wanted to achieve something that was mine and could not be taken away. This is also an investment for my future. I intend to staircase until I eventually own the remaining 70% share, and someday rent this apartment out when I’m in a position to buy a house.

How did you find this property? What made you choose it?

Belgrave Village was recommended to me by the New Homes team at Connells Birmingham. They showed me the development and all the residents’ amenities that come with it.

The gym, co-working space and screening room are opening early next year. I instantly fell in love with the development and the apartment itself, especially as it has a private terrace with views across the landscaped communal gardens.

How have you made the property feel like home? What’s the inspiration for your interior decor style?

I have a very neutral and muted taste in décor and dislike clutter. I love beige and cream tones – but sharpened off with a solid colour like black. I took my interior design inspiration from Kim Kardashian’s home.

What’s your favourite room and why?

The living room is my favourite. There is so much space, yet it feels cosy and warm.

Do you feel like you have enough space?

I have more than enough space. I’m a single guy with a small dog, but a couple could live happily here.

Do you have plans to change the property?

No, there is nothing I want to change. Wavensmere Homes’ standard specification is very high and I’ve put my own stamp on the interior.

Are there any problems with the property that you have to deal with?

Nothing that isn’t expected when purchasing a new property. The team at Wavensmere Homes were quick to rectify snagging issues.

What do you want people to know about buying a home?

If you feel saving for a deposit to purchase your own home is a million miles away, then shared ownership is a fantastic way to help you achieve that goal a lot sooner.

I didn’t think I would be able to buy a brand-new home like this until I became aware of shared ownership and received the calculations.

What are your plans for the future, in terms of housing? Do you plan to stay here long-term?

I don’t plan to live in the apartment forever, as I would like to start a family one day and will need more space. But for the next few years at least, I will enjoy it here.

By then, I hope to have staircased and bought the remaining 70% share of the property.

I will then look to rent this apartment out and keep it as a long-term investment. I would actually love to buy one of the beautiful three-bedroom houses in Belgrave Village, but they are priced at around £400,000.