Contact Sales Team

0800 085 2499

Request a call back

Plot 7

Ways to buy

Details of ways we can help you buy your first or next home

View all ways to buy

Shared ownership option for first-buy friends

FRIENDS can also become shared ownership buyers. That's the buddy-friendly message of hope from Bromford Homes to first-time buyers who are struggling to save a deposit or qualify for a mortgage on their own.

The part-buy deal − where you purchase between 25% and 75% of your home and pay low rent on the remaining share − has already helped hundreds of couples, young families and lone first-time buyers to get on to the property ladder with Bromford.

With prices starting from around £31,250* and deposits as low as around £1,563* at popular developments like Fortuna in Cirencester, Bromford Homes Sales and Marketing Director Bev Hall describes part-buy as "one of the most affordable way of making your home ownership dream come true".

She's keen to make sure that more people know about the benefits of part-buy − and that includes young buyers who might want to buddy up with a friend and share costs with a joint purchase, especially at pricy places like Cirencester, also known as Capital of the Cotswolds.

Joint buyers eat pizza
"If you fancy a pad of your own or want to share with a friend (pictured above), buying through Help to Buy share ownership could be a truly affordable alternative to living at home with your parents or renting from a private landlord," Bev explains. "You may not realise it but you can get on to the property ladder with a two-bed apartment for as little as £37,500** at a popular development like Fortuna in Cirencester and your deposit could be as little as £1,875**."
That's enough to buy a minimum 25% share of a two-bed apartment at Quiritus House while a more typical 40% share would cost £60,000** and the deposit as little as £3,000**.

Compare those figures with the average deposit of £32,209 quoted by the National Housing Federation*** for first-time buyers in the South West, says Bev, and the fact that typical monthly costs for part-buy are cheaper than private renting. "It all adds up to a really affordable how of getting a home of your own − and yet we're constantly amazed by how many young buyers don't know about shared ownership or how it works," says Bev.

Joint buyers gaming
"We want more people to say 'yes' to shared ownership − not just in Cirencester but at also at our other developments across central England − and that includes friends who want to buy a joint share in a new Bromford home rather than stay with their parents or rent from a private landlord.

"Even if you do know about shared ownership, you may not realise that buying with a friend is an option because there are lots of myths and misunderstandings. For instance, many people think that you have to be a key workers to qualify for part-buy when, in fact, that's not true.

"In a nutshell, shared ownership is an affordable option for young people and other aspiring home-owners who are simply priced out of the open market. As long as you don't already have a mortgage and your combined household income isn't more than £60,000 a year you could qualify.

"For some people − especially those on lower incomes − buying with a friend could mean that getting on to the property ladder through shared ownership becomes possible or even more affordable or that, overall, you are able to buy a bigger share of your home."

To find out more about shared ownership, how it works and local developments, call us on 0845 60 10 878. You call also register for updates and follow us on Twitter and Facebook.

* £31,250 represents a minimum 25% share of a one-bed apartment with a market value of £125,000. The deposit, based on a customer borrowing 95%, would be £1,563.

** £37,500 represents a minimum 25% share of a two-bed apartment with a market value of £125,000 and the deposit, based on a customer borrowing 95%, would be £1,563. A typical 40% share of a two-bed apartment with a market value of £122,500 would be £60,000  and the deposit, based on a customer borrowing 95%, would be £3,000.

*** Figures quoted by the National Housing Federation during Shared Ownership Week 2013.

07 August 2013