The couple were lucky to have the help of Natasha’s Aunt and Uncle, who had become very familiar with the Shared Ownership process thanks to their own daughter’s experiences with the scheme. Tim is also quick to point out they were very happy with the support they received from Orbit:
“We’d looked at buying with other developers, but just didn’t get the impression they were interested in helping us. With Orbit it was completely different. The sales staff were so welcoming, and very keen to ensure that we could comfortably afford the home we wanted. We felt properly looked after!”
Shared Ownership is open to purchasers who have an annual household income of less that £80k (and £90k within London), so Tim, who is a computer store manager, and Natasha who is a supervisor for a well-known coffee shop chain, were able to buy a 35% share of a two bedroom house.
They plan to buy further shares through a system known as ‘Staircasing’, which means that over time they can work towards outright ownership of their home, just like purchasers who take the conventional property-buying route. As and when they can afford it, they can opt to increase their equity share of the house, and pay less rent proportionately.