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‘Don’t delay’ on choice at Colliers Green

BE QUICK or miss out on your pick of the plots − and TWO great ways to buy − at our affordable Colliers Green development.

That's the timely message to first-time buyers across Coventry and Warwickshire as builders push ahead with their work at New Arley, near Nuneaton, and nearer to their November deadline of finishing the first homes.

We're selling just eight of these new two and three-bed houses through our HelpUbuy equity loan offer − and another 12 homes through our popular part-buy, part-rent scheme, also known as shared ownership.

Bromford Homes Head of Sales describes the choice at Colliers Green 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 HelpUbuy equity loans on the same site," says Alan after Saturday's Colliers Green launch at a community centre open day at Gun Hill, New Arley.

"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.

Colliers Green homes

"Our open day has certainly helped to excite interest among local first-time buyers and we expect to take our first reservations very soon. In fact, we hope Colliers Green (pictured above) will prove as popular as our Larks Rise development in Coventry, where nearly 40 buyers are seeing their home ownership dreams come true.

"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. I recommend you register your interest now or give us a call on 0845 60 10878."

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.

24 September 2013