Super-useful Saturday for shared ownership buyers
Curious homehunters were quick off their marks at the weekend
with lots of questions about shared ownership and how it can help
They started turning up soon after 10am to quiz the experts at a
customer-friendly open day organised by Bromford Homes at their Oakdale development in
An impartial financial expert was there on Saturday (August 11)
to answer all their questions − ranging from the basics of
HomeBuy shared ownership and if they could qualify to the finer
points of the process known as staircasing, which allows buyers to
increase their share.
The free and informal all-day session was described by Bromford
Homes Head of Sales Trish Foster as a really useful
way of explaining the secrets of shared ownership to anyone in the
running for a new affordable home.
"We were really pleased to see so many people turn up when there
was so much drama and excitement unfolding on TV," said Trish.
"Of course, the people who came to our open day had their eye on
a different prize − and that's the chance to get on the
"Shared ownership is the answer for many people who can't afford
to buy on the open market. It allows them to get that vital
foothold in the property market by buying a share of a brand new
home. It really is a great deal for first-time buyers − and
for the time being we're offering them a four-figure contribution
towards their deposit."
The contribution is equal to five per cent of the share
purchased and that amount goes towards the buyer's deposit
− up to a maximum of £2,000. The share that local people can
buy ranges from 25 per cent and 75 per cent with subsidised rent
paid 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.
There are three different styles of three-bed Bromford houses at
Oakdale as well as two-bed homes − all with fitted carpets.
Bromford's Oakdale showhome is open from Thursday to Monday between
10am and 5pm. 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.
14 August 2012