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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 first-time buyers.

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 Lydney.

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 property ladder.

"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