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Discover Shared Ownership19th July 2012
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.
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.