Jul 19, 2012

Discover Shared Ownership


In todays market, owning a home of your own often seems about as likely as winning the lottery. But Bromford Homes, who are one of the countrys leading specialists in affordable housing are making home ownership possible for more and more people. Their scheme, called HomeBuy shared ownership, brings home ownership within reach of many people who thought they were stuck with renting and it is available now on their exciting range of new home at Oakdale in Lydney. This is a tried and tested scheme, says Sales and Marketing Director Beverley Hall. We’ve now helped over 3,000 customers become home owners in this way. You get all the benefits of owning your own home, but at a price you can afford.

How does shared ownership work?

To see how it works, let’s take an example. A two bedroom cottage style home at Oakdale costs a very competitive £130,000 for a fully specified brand new home with a full 10 year guarantee.  With HomeBuy shared ownership, you can buy a 25% share of the home, which will cost you £32,500.  You will pay a reduced monthly fee to Bromford Homes for the remaining 75% that they retain.  Independent valuations put the rental value of such a property at around £525 per month, but your monthly mortgage repayments on the 25% share combined with the monthly fee you pay to Bromford come to less than that.  Better still, because you can get a mortgage for 95% of the £32,500, your deposit will be just £1,625, meaning you don’t have to have a fortune saved up either.  If you haven’t got a deposit saved up yet, Bromford Homes may be able to help you with their Save and Build scheme, which helps you to save your deposit while your house is being built.

HomeBuy shared ownership allows you to buy between 25% and 75% of your new home, depending on your finances.  You will normally be able to buy more of the equity in your new home in the future, when you can afford to, but only if you want to.  The more equity you own, the lower your monthly fee will be to Bromford.  But whatever percentage of your new home you buy, you will get 100% of the benefits of home ownership.

So what’s the catch?

Well to be perfectly honest, there isn’t one.  There are certain criteria that you need to fulfill to be able to buy a home through Bromford Homes’ HomeBuy shared ownership scheme, but if you live or work in the area and cannot afford to buy a home in the normal way you may well qualify.  To find out more the scheme and about the homes available, why not visit the brand new showhome. Bromford Homes are having an Open Weekend on 14th and 15th July called “Discover Shared Ownership” and will have experts on hand to help explain how HomeBuy works.

Find out more

Oakdale is in Par Four Lane, off the A48 Lydney Bypass, in Lydney.  It opens between 10am and 5pm, Thursday to Monday or you call 01594 845369 for more details.

Michael Tuck New Homes in Gloucester specialise in Shared Ownership in Gloucester and the surrounding area.

(correct at time of publication)


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Michael Tuck Lettings in Quedgeley have managed our rental property for the past 11+ years.

During this time their professionalism has never dropped. In the early days, Ian, Graham and Vikki-Lee were a huge help to a novice landlord. I’m pleased to say they are still there with a helping hand. Claire has always been the nudge I needed for the necessary insurance and safety checks. Having had some difficult times over the past couple of years I would like to say a special thank you to Lianne who has been there to help wherever she could.

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They were so professional and so prompt with their communication. In particular we would like to mention Charlie for his regular updates and extremely helpful service in the sale of my mothers house. We were in a particularly long chain, and he went over and above to assist us in the communications between the buyers and sellers in order for our chain to proceed. He even contacted Solicitors and helped progress the exchange.

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Kelly Durkin

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I have been a customer of Michael Tuck Lettings in Abbeymead for coming up to 2 years now.

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Jay Preece

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I would like to say a big thank you and well done to the team who are very friendly, helpful and have taken the strain out of what was a fairly long house sale.

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Jane West

Michael Tuck Lettings in Abbeymead have been a fantastic letting agents looking after our house for the past 17 years.

We have recently sold the house with the sales department.  Kurt has looked after us incredibly well during the 17 years of lettings and Tony, Andy and Chloe have made the selling very easy. Thank you

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Claire Rawlinson

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In what has been a very testing time for the industry, Miles and all the staff have worked tirelessly in my purchase and even more so my sale.

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