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Ways to buy

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

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First part-buy reservations at Colliers Green

ASPIRING homeowners are starting to snap up our affordable houses at Colliers Green, just north of Coventry.

We've now signed up the first two shared ownership reservations at Ransome Road, New Arley − and other would-be buyers are reminded to be quick if they want their pick of the remaining plots.

Just 12 of these two and three-bed homes are being sold through our popular part-buy, part-rent scheme − also known as shared ownership − and another eight houses through our equity loan offer.

Bromford Homes Head of Sales Alan Bradley describes the choice of TWO great ways to buy as a really rare opportunity for first-time buyers and other would-be home-owners who can't afford open market prices.

"It's unusual for an affordable housing developer like Bromford to offer a choice of shared ownership AND equity loans on the same site," says Alan.

"Both are really affordable options for would-be buyers who feel locked out of the property market and are probably renting from private landlords − part of what's now known as Generation Rent − or living at home with their folks.

"The fact that we are marketing both options means we can sit down together with customers, discuss the various pros and cons and reach a decision on the best route for each buyer.

"We're delighted that two local buyers have reserved shared ownership homes and expect more reservations very soon − as well as the first few sales through our great HelpUbuy equity loan offer.

"So I would urge first-time buyers across Coventry and Warwickshire to be quick off the mark if they want their pick of the plots of plots here at Colliers Green (pictured below). I recommend you to give us a call on 0845 60 10878 or register your interest online."

The Cowley 425 x 305

HelpUbuy equity loan allows you to buy your new Bromford home for just 80% of its purchase price − in the case of Colliers Green, around £98,000*** for a two-bed home with a full market value of £122,500. You simply pay 5% deposit which in this example is 5% of £98,000 − plus the monthly mortgage payments on what you borrow − and no interest on the other 20% for up to five years and no rent either.

With shared ownership, you buy between between 25% and 75% of your new Bromford home − the amount depends on what you can afford − and pay low rent on the remaining share. In the case of Colliers Green, it costs as little as £30,625* for a minimum 25% share of two-bed house or £34,250** for a three-bed Cowley.

Crucially for most first-time buyers, the deposits in both cases are much cheaper than if you buy outright − as little as £1,532* for shared ownership and as low as £4,900*** for the equity loan scheme.

* With shared ownership, £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.
** With shared ownership, £34,250 would buy a minimum 25% share of a three-bed Cowley house with a full market value of £137,000. A minimum deposit would be £1,713, assuming a 95% mortgage on that minimum share. A minimum 25% share of a three-bed Bourne home with a full market value of £149,500 is £37,375 and a minimum deposit − assuming a 95% deposit − is £1,869.
*** With HelpUbuy equity loan, you could pay £98,000 for a two-bed home with a full market value of £122,500. A 5% deposit on the share you buy would be £4,900.

08 October 2013