“Where I was living before, in a rented flat in Bury Saint Edmunds, I had to organise my days strategically around train times, and the last services back home were often too early for me to spend much time with my friends after work. I’m a very keen climber, so it was frustrating not to be able to stay and socialise after a session at the climbing wall.”
Nicole desperately wanted to buy her own place in Stowmarket, where many of her friends live, but just couldn’t find a home she could afford with the £20k deposit she had managed to save up. This is where Shared Ownership came to the rescue, as, through the government-backed scheme, people with a household income of less than £80k per annum (and £90k in London) can get help to buy a new build property.
Purchasers only need a deposit for the share of the house they buy, and pay a subsidised rent on the remaining portion. In Nicole’s case, this meant that her available deposit, and her salary, allowed her to buy a 40% share of a two bedroom house.
Nicole explains some other key benefits to buying her own home with Orbit:
“Before I moved to The Hazels, I was renting the best property I could afford, but even with maintenance charges, mortgage and rent here, I am still £80 a month better off in my shiny, new, two bedroom house than I was in a tiny maisonette with no direct garden access. Here, I have loads of space, and a second double bedroom.”