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Affordable hope for Generation Y homebuyers

Bromford Homes Head of Sales Alan Bradley advises young first-time buyers to take a look at shared ownership and equity loan

Alan Bradley 960x400

LIVING at home with mum and dad? On the way up at work and looking forward to flying the nest?

You're not alone, of course. Around half the young people who replied to a new survey* hope to support themselves financially by the time they reach their early or mid 20s.

For most of these Generation Y wannabees, it's a hope that typically centres around the dream of getting onto the property ladder.

But the reality for many 20 to 34-year-olds is that they struggle to close the ever-widening gap between earnings/savings and the price of a typical first-time buyer home − and more than half of those that do fly the nest are likely to have got help from what we call the Bank of Mum and Dad**.

With the average open-market house costing £171,429*** here in the West Midlands, that struggle will come as no surprise.

SO parents and daughter

What will surprise some of you − parents and young people alike − is that home ownership can be more affordable than you might think. That's thanks to the low deposits and affordable monthly costs that come with shared ownership − and our new equity loan scheme.

This year alone we've already helped 120 buyers to get onto the property ladder − and we're confident that we will hit our year-end target of 128 completions by March 31.

That's 128 home ownership dreams coming true for young first-time buyers like Anna at Oaklands, Rugby, or Dan and Kate at Colliers Green in north Warwickshire.

Anna keys 960x400

Anna (that's her, above) tells us that home ownership seemed like an impossible dream until she found out about shared ownership. "Would I recommend it? Definitely! Shared ownership is the perfect solution for first-time buyers like me who can't afford a big deposit or a big mortgage but want to get on the property ladder and invest in their future," she says.

Dan and Kate (that's them, below) are equally enthusiastic about our other affordable scheme, equity loan. "With shared equity, we were able to buy our new Bromford home for just 80% of its purchase price − and yet the home is 100% ours from Day One," they say.

Dan&family 960garden

If, like them, you're a 20-something who want to make your home ownership dream come true but feel daunted by high prices and the huge deposits required by most lenders for a typical open-market mortgage, then my advice is simple.

Check out these customer stories and see if what they have to say strikes a familiar chord with you. If it does, feel free to call one of our expert advisors on 0845 60 10 878 and ask about affordable Bromford homes in your area.

It's all go as we look forward to 2015-16, with more shared ownership developments already on the go at places like Crick, Long Buckby and Solihull  − and a landmark development that includes shared ownership homes at Wychbury Fields, Hagley.

AkemanCourtCiren 960x400

We've also got two exciting new developments of equity loan homes taking shape in time for spring homebuyers in the Cotswolds − that's seven apartments at Cirencester's Akeman Court (above) and ten houses at Woodlands, Northleach.

* Survey commissioned by Association of Accounting Technicians. ** Analysis by the Council of Mortgage Lenders. *** Q4 2014, Halifax.

07 March 2015