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Final five prompt call to first-time buyers in Forest

THE CLOCK is ticking for first-time buyers who want to put down roots with an Oakdale home of their own at leafy Lydney in the Forest of Dean.

A steady stream of shared ownership sales at our landmark development on the edge of this bustling market town means we've got just five homes left at prices that start at £31,750* with a deposit that could be as low as £1,588*.

With yet another "reserved" sign just about to go up, Bromford Homes Head of Sales (South) Trish Foster has timely advice for anyone else who wants to realise their home ownership dream.

"Don't delay," says Trish. "This is a good time to buy − especially if you feel like you're stuck living in private rented housing, want to get on the property ladder but have either been putting off the decision or think that you won't qualify for shared ownership.

"Many people think − wrongly − that you have to be a key worker or on a really low income to qualify. That's not the case. It might surprise you to know that your family income can be as high as £60,000.

"What's more, the mortgage market is starting to improve, more home loans are being granted and the number of first-time buyers is at a post crunch high**.

How shared ownership makes a difference

"No one would pretend that the current market is easy for first-time buyers. Credit remains tight and lenders still require large deposits. That's why so many first-time buyers rely on borrowing from the Bank of Mum and Dad or face many years of hard saving.

"That's where shared ownership makes a real difference. Instead of buying outright, you purchase between 25% and 75% and pay rent on the remaining share. The amount you buy depends on what you can afford − a typical share being around 40 or 45% − and, of course, you can increase the share you own as time goes by. It really is as simple as that.

"It's made the difference for hundreds of Bromford homebuyers, including a lot of people who can't borrow from family or friend and people who, before the credit crunch, would certainly have expected to buy outright."

The news gets even better for aspiring homeowners, says Trish. If you buy one of our three-bedroom Leighfield homes we'll give you free carpets and help with moving costs. She encourages buyers to call, register their interest or visit the showhome and sales suite at Par Four Lane.

Why customers love Oakdale homes

Oakdale Rachel Reeves 2

"Visiting Oakdale gives you a chance to see why customers who've already bought here love the homes, they love the location and they love the prices," says Trish.

"With shared ownership, you can buy a three-bed Leighfield home for as little as £38,250*. We do everything we can to make sure that the HomeBuy deal is truly affordable for buyers − whether they are buying a 25 per cent share or anything up to the 75 per cent maximum.

"At the end of the day, buyers get a traditionally-built, energy-efficient home built for ease of maintenance at a really affordable price."

Bromford's Oakdale showhome is open from Thursday to Monday between 10am and 5pm. Call 01594 845369 to find out more.

* £31,750 buys a minimum 25 per cent of the total £127,000 asking price for a two-bed home and the deposit would be £1,588 based on a 95 per cent mortgage, while £38,250 buys 25 per cent of a three-bed home with a full asking price of £153,000. Buyers pay a monthly fee − lower than the equivalent open market rent − on the remaining share.

** The improving mortgage market is highlighted by the Council of Mortgage Lenders in its January bulletin with "ten snapshots" including evidence that lenders are doing more to help those who want to buy and a four-year high in the number of first-time buyers.

28 February 2013