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Homebuy dream comes true for Larks Rise couple

"HAPPY DAYS". That's how first-time buyer Matt McIntyre sums up life with partner Clare McLaughlin a few weeks after moving into their new Bromford home.

They were able to "leave the family nests" and set up home together at Larks Rise, Coventry, thanks to our truly affordable Help to Buy shared ownership deal.

A few weeks after collecting the keys to their two-bed house, the couple are happily settled in − and equally happy to recommend shared ownership to other first-time buyers in the run-up to this Saturday's Larks Rise showhome opening.

"We wanted to set up home together and to buy our own home rather than rent. Like a lot of people, I think paying rent is dead money," says 27-year-old Matt, a double glazier and locksmith.

"We looked at buying on the open market but couldn't get a big enough mortgage even though we both work full time because Clare is an agency worker. Then someone suggested shared ownership − and we ended up buying just over 50% of a new home here at Larks Rise.

"Bromford's sales consultant Kris did a great job of explaining how it all worked, everything we were promised fell into place when it was supposed to, and we ended up moving in just two months after we put down our £500  reservation fee."

Larks Rise Matt and Clare

How does it feel for Matt and Clare, a 31-year-old care assistant, to see their home ownership dream come true? "Happy days! We love our new house and garden − and already feel at home here. In fact, there's nothing like the feeling of coming back, closing the door behind you and knowing you're in your own home and can do as you want," says Matt.

"We're really pleased to get this first step on the property ladder − and hope to increase the share we own at a later date. Shared ownership really does make owning your own home affordable if you find you can't buy on the open market. We would certainly recommend it − and Bromford Homes − to other first-time buyers."

Bromford Homes Head of Sales (North) Alan Bradley says: "It's great to see the homeowning dream come true for another couple. We know how hard it can be for first-time buyers like Matt and Clare to get on the property ladder and seeing them collect the keys to a new Bromford home is one of the most satisfying parts of our job.

"Shared ownership really does make it affordable to get that first foot on the property ladder and the fact that we've already sold nearly half the total being built at Larks Rise proves that it's meeting a very real need at prices people can afford."

Larks Rise Matt and Clare 640x340

He points to the two-bed terraced houses at Larks Rise which can be bought through Help to Buy shared ownership for as little as £30,625* if you're a buyer that qualifies for a minimum 25% share − with a deposit that could be as low as £1,532*. Prices for a three-bed house are only slightly higher − starting at £36,875** for a minimum 25% share and a deposit that could be as little as £1,844**.

"Compare those figures with the typical costs of buying on the open market and you can see why shared ownership makes such a difference," says Alan.

"With shared ownership, you buy between 25% and 75% of your home and pay low rent on the remaining share. It's as simple as that. The initial costs are so much more affordable for people who can't afford to buy their first home on the open market − and so are the monthly costs. A breakdown produced by the National Housing Federation proves that it cost less each month in total to buy your own home through shared ownership than it does to rent from a private landlord."

* £30,625 represents a minimum 25% share of a two-bed house costing £122,500 and a £1,532 deposit is based on a 95% mortgage.
** £36,875 represents a minimum 25% share of a three-bed house costing £147,500 and a £1,844 deposit is based on a 95% mortgage.

Coventry and Warwickshire homehunters can register their interest and find out more about Larks Rise and Help to Buy shared ownership by talking to a sales consultant on 0845 60 10 878. You can also keep track by following us on Twitter @BromfordHomes

10 June 2013