Buying a new home proved cheaper than renting for Gina Bravo who is the first resident to move into Orbit Homes’ Boleyn Court development in Chatham, Kent, and if you are looking to save money on your monthly housing bill, you should act fast as there are now only two properties left for sale at the popular site.
Located on the corner of Wood Street and Manor Street, the apartments are for sale with New Build HomeBuy – a part-buy part-rent scheme which enables buyers to purchase a share of the property and then pay a subsidised rent on the remaining share. Most purchasers will need to raise a mortgage to purchase their share, though some buyers, like Gina, may use savings to pay for their share.
“I’d wanted my own home for some time after my relationship broke up,” explained Gina. “I’d been renting for the last five years but this was costing me half my wages every month and, when my landlord starting selling the apartments I was living in, I felt I didn’t have the security of owning my own property.”
While many people struggle to get onto the property ladder because they have little or no deposit, Gina was battling a different problem. “Although I had £45,000 in savings put by for a deposit, because of my age – I’m 51 - I couldn’t get a big enough mortgage to buy a property outright.”
Then Gina heard an Orbit Homes advert on her local radio station promoting the apartments at Boleyn Court and the New Build HomeBuy scheme. “I looked at the plans and liked what I saw, so when it was confirmed that I was eligible to purchase one of them, I was over the moon. It was also interesting to learn that I can buy additional shares in my property at a later date until I own the property outright, if I choose to do so.”
Gina added: “The team at Orbit Homes were friendly and helpful through every step of the purchasing process and buying this property has given me the security I didn’t get with renting as well as saving me over £200 a month in rent. Fantastic!”
The two remaining one-bedroom apartments feature a contemporary fitted kitchen complete with an oven, hob and cooker hood, washer/dryer, as well as central heating and allocated parking. A minimum 40 per cent share of one of the apartments is currently available from just £42,000. Orbit Homes estimates that you would need a household income from around £19,049 for these properties to be affordable, if you are taking out a mortgage to cover your share.
If you want to know more about these apartments or other affordable homes available in your region, please contact Orbit Homes on 024 76 437 040.
