I’m a freelancer — this is how I bought my London home for £395,000

Moira Mulvey got on the property ladder through shared ownership in Hounslow (Picture: Richard Eaton)

As a freelancer, Moira Mulvey found her mortgage options limited – but shared ownership helped her buy her own home.

One of the best things about shared ownership is its flexibility. 

Deposits are low, the initial share ranges from 10% to 75% of a home’s value, depending on affordability, and the door is always open to buying more shares later on – via a process known as staircasing. 

Moira enjoys a terrace overlooking Hounslow (Picture: Richard Eaton)

For self-employed people such as Moira Mulvey, the scheme has made all the difference between owning a property or not as, with its help, she was finally able to buy in 2021 and subsequently increase her share just three years later. 

Moira, an osteopath who is in her 50s, had rented privately for years but became tired of pleasing landlords and not being able to put her own stamp on a home. 

‘I was always happy renting but you are so restricted with what you can do,’ she says. ‘Landlords often act as if they’re doing you a favour by letting out their property, and I never felt I could completely relax in a home or decorate it the way I wanted to.’ 

She starting thinking seriously about buying but soon discovered that, being self-employed, some lenders were unwilling to offer her a mortgage on open-market homes. 

‘Many lenders view it as a more unreliable way of earning a living so tend to steer clear as it’s viewed as riskier than those with PAYE salaries,’ she says. 

Moira has been able to make the shared ownership house her own (Picture: Richard Eaton)

Realising that shared ownership would be her best option because of the low deposit and smaller amount of money she would have to borrow, Moira bought a 40% share of a two-bedroom, top-floor apartment at a development by SNG in Hounslow, west London, in March 2021. 

She paid £158,000 (the full market value of the apartment was £395,000) and took out a five-year mortgage. After receiving money from an inheritance in 2023, Moira chose to invest it in her home and buy a further 25% share – so she now owns 65%.

‘When I saw property prices were creeping up, I thought it was the right time to get the property valued and increase the share,’ she says. ‘The staircasing process was incredibly easy and I managed to navigate it myself. 

‘The only thing I would say is that the suppliers you use – such as conveyancers – can be very expensive. You just have to make sure you do your research and shop around. 

‘The original conveyancers I used quoted me double to do it the second time around, so I went with a different company. I’ve really seen a difference in my monthly outgoings since staircasing.

The scheme was lifechanging for Moira (Picture: Richard Eaton)

‘My mortgage has stayed the same as I haven’t renewed it yet, but the rent has decreased a lot, which is amazing. 

‘My mortgage is up for renewal in 2026 so I’m hoping I can staircase further to full ownership then. Thank goodness for shared ownership. It has given me the opportunity to gradually staircase to full ownership, rather than buying upfront and being rejected for a mortgage on the open market.’

‘Some might say not to go for shared ownership as you have to staircase at the current value and not the price you bought it at. But if you wanted to buy a brand new property, you would have to buy that at the current market value and not the price it was five years ago, so what’s the difference?’

‘The option for staircasing has allowed me to get out of renting and gradually own my own home, so I think it’s brilliant.’ sales.sng.org.uk.

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