Escaping the rental trap with Shared Ownership at Flying Fields, Southam
Meet Thomas, a configuration engineer from London who made the move from renting to home ownership with the help of Shared Ownership.
He moved to the Midlands for work following university and was living in rented accommodation for a while but really wanted to buy his own home. Knowing it would be difficult to afford to buy somewhere on his own, he did some research into schemes that help first time buyers get onto the property ladder.
Some of his friends had bought their homes using the Shared Ownership scheme and recommended Orbit Homes to him and that’s when he found Flying Fields in Southam, which ticked all the right boxes for him. “As soon as you drive into the estate you get a sense that it is a fantastic place to live”.
He found the application process for Shared Ownership easy thanks to the help of Sales Consultants Sally and Tess at Flying Fields, who answered all his questions and gave him guidance and he says; “They gave me recommendations for mortgage brokers and solicitors which made the whole process much easier and less stressful”.
Thomas moved into his new home in November and couldn’t be happier. His friends and family are also impressed with it and commented on how the large driveway and garden are, which surprised them on a new build development. They also noticed how well insulated his home is; it remains a comfortable temperature throughout the day without the need to have the heating on constantly, which will help keep the bills down.
He is also pleased that his new home came with integrated kitchen appliances and plumbing for a washing machine and dishwasher: “A lot of effort has gone into making sure that these houses can be moved into and turned into a home with little effort”.
The Shared Ownership scheme, also known as part buy, part rent, allows you to purchase a share of a new build home, usually between 25% and 75% and you pay a subsidised rent on the remaining share. As the deposit you need is based on the share you buy, it makes it a more affordable way to get onto the property ladder. And you can also buy more shares in the future and in most cases, own the property outright.
Being new to Shared Ownership, we asked Thomas what he thought the top three benefits of the scheme are and this is what he said:
- It allows you to get onto the property ladder more quickly and easily, especially if you are buying on your own.
- As you are taking out a mortgage on a share of the property, the deposit is significantly smaller, so it makes it a lot easier to save up the funds.
- In my case, the cost of the combined mortgage and rent is cheaper than privately renting a house of equal size.
He would definitely recommend Shared Ownership to others: “Without the Shared Ownership scheme I wouldn’t have been able to even consider looking at buying my own place any time soon, it has allowed me to use my hard-earned money for something that will help to grow my future, rather than just working to pay the bills”.
At Orbit Homes we are committed to building quality, affordable homes and building thriving communities and it makes us proud to hear Thomas saying; “I would just like to thank Orbit Homes for helping me make my dream of owning my own home into a reality”.
All homes at Flying Fields are now sold but you can find more of our new developments on our website HERE.