In our shared ownership scheme, the Applicants must provide the full deposit required and arrange a mortgage for their part of the purchase. In both cases it is usually necessary to find other sources of capital – such as family, friends or supporters – who are willing to make an interest–free loan that can be used as a percentage of the property price.
Those who donate in this way not only support gospel ministry and our “family in the faith”* but also make an ethical gain with their finances. The following two financial case studied demonstrate how your money would be used and invested – for the Kingdom and your bank balance!
In 2004 MH helped house a couple who worked for a Christian employment charity in southeast London. Having a toddler and another child on the way, the family moved to a three–bedroom, two–storey maisonette in a local authority block.
The husband recently became a primary school teacher, and the family moved out of London. Therefore the property was sold in August 2011. After deducting the costs of the sale (estate agent fees, solicitors fees, other legal costs, etc.), a total of £296,972 was divided amongst the various parties.
Considering the original purchase price of £240,000 and the sale price of (roughly) £297,000, the home’s value increased 24% over 7 years, a 3.4% annual return.
In 2005 MH agreed to purchase a home for a family of five in Palmers Green. At the time, the husband directed a Christian youth outreach programme across several North London boroughs; he now serves as a youth minister. The property purchased for them is a four bedroom, semi–detached house on three floors, with a brick–built office in the back garden.
A bedroom with en–suite shower on the second floor can be used as temporary accommodation for a youth housing emergency. Part of the finance for the purchase came from another Christian ministry that supported the work of the youth project and wanted something ethical in which to place capital acquired from a property sale.
Today the property is valued at £470,000, a 22% increase!
* 2 Cor. 9:6; Luke 12:42; Luke 16:10–11; Gal. 6:10.
Loan agreements are arranged between the lender and Mission Housing. Please contact us for more details.