City high-flyer Tay Incekara didn’t think he was the kind of person to benefit from shared ownership homes. Working for a leading asset management company, the 28-year old was uncertain when he heard about the New Build HomeBuy scheme.
“I thought it was just for teachers and nurses,” he says. “As a young professional working in the City, I wasn’t sure if I was what they were looking for.”
It didn’t take long to find out. After spotting an advert on a local DLR train for Toynbee Housing Association, part of One Housing Group, Tay registered via www.housingoptions.co.uk, the one-stop online portal offering hundreds of low cost home ownership properties available in London. Within two days, his application had been approved and within a few months, he had moved into his new London home.
Nevertheless, Tay’s passage to property ownership has been far from plain sailing. Born to Chinese and Turkish parents in Belgium, he was sent alone to England aged 18 to complete his university education. “It was a huge expense for them to send me here,” he says. “They had to save up for a long time to support me throughout my education, and now it's my turn.”
Tay is currently sponsoring his younger sister’s passage through university in the UK. Following in her brother’s footsteps, she is studying law. Tay has bright hopes for her future, but when she first arrived, it was hard to make ends meet.
In those early days, they had to share a single bedroom in a tiny one-room flat. As Tay gradually moved up the career ladder, they were able to afford to live in larger rental properties.
Today, the siblings have a home of their own. In June 2007, they moved to Watney Plaza, the brand new Toynbee development in Shadwell, east London. For Tay, it was a natural choice. “My job is in Tower Hill and it takes me only 15 minutes to walk to work,” he says. “Location was incredibly important in the decision, but I also love the apartment.”
Tay bought a 45 per cent share in his spacious two-bedroom property. With a south-facing balcony and large, open-plan living room/kitchen diner, it provides more than enough room for him and his sister – and their mother when she comes to stay.
To buy the apartment, Tay was able to take out an affordable mortgage for the share he purchased and pays around £400 per month in rent on the remaining 55 per cent. His combined rent and mortgage repayments work out to be a little less than he was paying for the property in nearby Mudchute he was renting previously.
So, how was the buying process? “The whole thing took just over a month,” says Tay. “My friends couldn’t believe it. Toynbee was very helpful too. It gave me a list of solicitors and mortgage providers, and was great at sharing expertise.”
A few months after moving in to his new apartment, Tay made another big decision. He has resolved to buy the rest of it as soon as finances permit.
“I wasn’t sure how much I would like living here when I moved in,” he says. “But I absolutely love it. It’s aspirational for me and I really can’t believe my luck.”