Shared Ownership - How to buy a brand new home with a low deposit

Shared Ownership offers first-time buyers the chance to purchase a 25%-75% share of a brand-new home and pay rent on the remaining share. The scheme is designed to help customers with smaller deposits and lower incomes get onto the property ladder.

Here, Kate from Northamptonshire talks about her positive Orbit experience when purchasing a new Shared Ownership home at Coldermeadow Park in Corby…

In November 2020, Kate decided to re-locate closer to Northampton for work. She was a first-time buyer with a low deposit and was eligible for Shared Ownership.

After researching developments in the area, Kate chose to purchase a two-bedroom home at Coldermeadow Park, where all properties came with private gardens and a fully inclusive specification.  Orbit’s Coldermeadow Park development is a collection of stylish two and three-bedroom houses, set in the popular Northamptonshire town of Corby. These homes were available to purchase through Shared Ownership and are now all sold, highlighting the demand for affordable homes in the area.

Right from the outset, Kate was impressed with Orbit’s customer service. As a solo buyer, having a good working relationship with her sales representative, Denise, was extremely helpful.

Denise supported Kate throughout the buying process, regularly updating her with progress, answering any questions she had and providing reassurance every step of the way, showing Orbit’s commitment to delivering the best service for its customers.

Commenting on her positive experience with Orbit, Kate said: “The Shared Ownership scheme has been perfect for me, as it makes owning my own home affordable and there is no pressure to staircase your share if you can’t afford to do so.

“Buying a new home during a pandemic definitely added some stress and worry, but Orbit were great from start to finish. The whole process was straightforward, and I had amazing support from Denise in the sales office. She was always happy to answer any questions I had and reassured me when I was unsure of anything. Denise would even walk around the Coldermeadow Park development and send me photos of my new home being built when I wasn’t able to visit – now that’s customer service!

“All the homes at Coldermeadow Park are attractively designed and I have open countryside right on my doorstep as well as being within easy distance to all the amenities and transport links. Orbit have been exceptional in their support and I would recommend them to anyone looking to purchase through the Shared Ownership scheme!”

To find out more about Orbit’s latest Shared Ownership developments, visit: www.orbithomes.org.uk