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Ways to buy

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

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Friendly solution for 1st-time buyer singletons

YOUNG, free and single. Want to buy a home of your own but can't afford it?

Well, you're not alone, according to the latest figures from a leading estate agent.

Just one in three young singletons are able to get on the property ladder on their own, according to the Countrywide data, and as a result more of them are clubbing together with a friend, brother or sister.

Joint buyers eat pizza

The rise in co-owning first-time buyers prompts a buddy-friendly message of hope from Bromford Homes shared ownership expert Alan Bradley to wannabe homeowners without a spouse or partner.

"Friends can also become shared ownership buyers. Sadly, even two incomes and the combined savings of two people may not be enough to buy a home on the open market − especially in high-price property areas," says Alan.

"Our unique part-buy, part-rent deal offers many first-time buyers a much more affordable way of making your property dream come true.

"For those who don't have a partner, buying with a friend, brother or sister could be the answer with a truly affordable alternative to living at home with your parents or renting from a private landlord."

Meriden 4  Shared ownership's low deposits − £3,000 to £5,000 is fairly typical − are cited by most buyers as a key difference and many are pleasantly surprised to find that monthly costs are typically cheaper than private rent for a similar home.

For example, you can get on to the property ladder for as little as £90,000* in a high-price place like Meriden (pictured above) near Solihull − highlighted as a "clipped wings" hotspot where young working people can't afford to "fly the family nest", according to one survey − and your deposit could be as little as £4,500*.

"Of course, you don't have to buy with a friend or family member. In a nutshell, shared ownership is an affordable option for young people and other aspiring home-owners who are simply priced out of the open market," says Alan.

"As long as you don't already have a property and your combined household income isn't more than £60,000 a year, you could qualify."

The Belford

To find out more about shared ownership, how it works and local developments, call us on 0845 60 10 878. You can also register for updates and follow us on Twitter and Facebook.

* £90,000 represents a minimum 25% share of a two-bed home with a market value of £200,000 at Meriden's Mulberry Gardens (pictured above). The deposit, based on a customer borrowing 95%, would be £4,500.

28 August 2014