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Plot 7

Ways to buy

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

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Last five homes at Lark Rise - including showhome

FIRST-TIME buyers have just a few more more chances to get on the property ladder at our fast-selling Larks Rise development in Coventry − and they're encouraged to be quick or risk missing out.

Our part-buy, part-rent deal is so popular with young buyers that we've sold most of the 39 houses in four months, leaving just one two-bed home for as little as £30,625* and four three-bed houses, including our stylish showhome.

You can buy a three-bed home for as little as £36,875** through part-buy − also known as shared ownership − and a deposit that could be as low as £1,844. The showhome could be yours − including carpets, curtains, light fittings and pictures − for an additional payment of £4,500.

"Figures like that really help to explain why nearly all of the 39 shared ownership homes here have been snapped up in a matter of months," explains Bromford Homes Head of Sales Alan Bradley. "It's one of our fastest-selling developments and we're confident that the last five homes will go very quickly as well so my advice to other first-time buyers is:  Be quick or you could miss out.

Larks Rise showhome lounge
 
"What's more, if you reserve a home now you could be moving in by mid September as the homes are now finished − and we won't have any more to sell until next year. We're not surprised that so many aspiring homeowners are saying such a big YES to part-buy and seeing their dreams come true. Coventry and Warwickshire is like many places these days − property prices are often fairly high and incomes relatively low for ordinary working people."

Alan points to first-time buyers like Matt McIntyre and Clare McLaughlin (pictured below), who were able to "leave the family nests" and set up home together at Larks Rise, thanks to our truly affordable Help to Buy shared ownership deal.

They've been happily settled in for several months − and recommend shared ownership to other first-time buyers at a time when the latest Rightmove survey highlights that that the desire to own a home is as strong as ever.

Larks Rise Matt and Clare.
 
With shared ownership, you buy between 25% and 75% of your new Bromford home and pay low rent on the remaining share. The share depends on your household income but a typical amount is around 40%.

"That means your deposit is much lower than it would be with outright sale," explains Alan.  "And it's not just the initial outlay that's cheaper with part buy-part rent − the total monthly costs are typically lower too than if buying outright or renting from a private landlord. It's no wonder then that so many first-time buyers from Coventry − and the rest of central England − are saying yes to shared ownership."


You can find out more about shared ownership and any of the Bromford Homes developments by calling us on 0845 60 10 878 − or by visiting the new Larks Rise showhome, which is open Thursday to Monday, 10am-5pm.
 
* £30,625 would buy a minimum 25% share of a two-bed house with a full market value of £122,500. A minimum deposit of £1,532 assumes a 95% mortgage on that minimum share.
** £36,875 would buy a minimum 25% share of a three-bed house with a full market value of £147,500. A minimum deposit of £1,844 assumes a 95% mortgage on that minimum share.

14 August 2013