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Sharing secrets of shared ownership at Lydney open day

HOMEHUNTERS from the Forest of Dean are being offered a helping hand on to the property ladder with a worry-busting weekend open day at Lydney's Oakdale development.

Saturday's all-day session promises to give them the lowdown on shared ownership, free financial advice from an independent expert − and a chance to find out how they can get four-figure help with a deposit from Bromford Homes.

The open day comes just a week after the launch of Bromford's offer to pay up to £2,000 towards a deposit on a two or three-bedroom shared ownership home at Oakdale.

It's a golden opportunity, says Bromford Homes Head of Sales Trish Foster, for local people who may be frustrated by the current housing market to find out in person how easy it is to buy a great two or three-bedroom home with the part buy-part rent HomeBuy scheme.

"Shared ownership is a truly great way for people to get on the housing ladder and yet we think it remains one of the property world's best-kept secrets," said Trish.

"That's why we've decided to stage this open day and we really encourage local people to come along. It's a friendly and informal way to find out how easy it is to buy a great new home through shared ownership and to get free impartial advice from the experts.

"We know that it's a worrying time for anyone who wants to leave behind the uncertainties of renting and enjoy the benefits of home ownership but doesn't have the five or ten per cent deposit that's needed to buy outright.

"Shared ownership makes that first step on the property ladder really affordable. That's especially true now that we're offering to help qualifying buyers with a contribution towards their deposit that's equal to five per cent of the share that they buy − up to a maximum of £2,000. This really is too good to miss."

Shared ownership allows aspiring homeowners to buy between 25 per cent and 75 per cent of a new Bromford home and pay subsidised rent on the remaining share.

So, for example, a customer could buy a 25 per cent share of a three-bed home at Oakdale for £38,260. If that customer has a 90 per cent mortgage, the deposit would be £3,826 and the contribution from Bromford Homes half that amount − £1,913*, or five per cent of the purchased share.

"We do everything we can to make sure that the deal is truly affordable for buyers − whether they are buying a 25 per cent share or anything up to the 75 per cent maximum," said Trish.

"When buyers come to us, we go through their finances with them and work out what they can really afford. At the end of the day, buyers get a traditionally-built, energy-efficient home built for ease of maintenance at a really affordable price.

"What's more, our price includes a lot of features that buyers might have to pay for as extras elsewhere. Things like turfed front and back gardens, full screen fencing, and quality kitchens.

"If you want to see what you can get for your money come along to our great new show home at Oakdale on Saturday. It's really easy to find and we will be happy to share the secrets of shared ownership with you."

Bromford's Oakdale showhome is open on Saturday, August 11, between 10am and 5pm. It's also open every week from Thursday to Monday at the same times. Call 01594 845369 to find out more.

* A £1,913 deposit assumes a 95 per cent mortgage on a 25 per cent share of a three-bed home. That share would cost £38,250, or 25 per cent of the total £153,000 asking price. A 10 per cent deposit would cost £3,826. A 25 per cent share of a two-bedroom home at Oakdale is £32,500. Share purchases subject to HCA & Bromford Homes criteria. Monthly rent and service charges also apply.

07 August 2012