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Shared ownership costs unlock homebuyer dreams

DOZENS of first-time buyers are starting the new year with a new Bromford home − thanks to the price-busting power of shared ownership.

A final flurry of January completions saw more would-be homeowners collect the keys to the home of their dreams at popular places like Colliers Green (pictured below) near Nuneaton, Moathouse Fields in Marston Green, and Larks Rise, Coventry.

This follows a surge of completions in the run-up to Christmas and, with 18 more buyers saying a big YES to shared ownership since the start of the year, we're heading for our 200th customer handover well before the end of 2013-14.

Bromford Homes Head of Sales Alan Bradley says typical shared ownership deposits of around £3,000* and typical purchase prices of around £60,000* for a 45% share are making all the the difference for singletons, couples and young families.

His message to first-time buyers and other people who can't afford open-market prices?
"Now is a really good time to buy with shared ownership. If you've saved enough for a shared ownership deposit and your combined household income is less than £60,000, a Bromford home could be yours − and for less than you probably think," he says.

Colliers Green homes

"Buy now and you'll beat the big property price rises that all of the pundits and mortgage lenders are predicting this year − and start enjoying a home that you can call your own at a price you can afford.

"The initial costs are less with our part-buy, part-rent scheme − also known as shared ownership − and the typical monthly costs are cheaper than renting from a private landlord. This has been proven time and time again with cost comparisons produced by our industry lobby groups, the NHF and CIH, and most recently by HomeFocus magazine, a low-cost home ownership champion.

"It may sound too good to be true but the figures really do speak for themselves. So don't just take my word for it. Talk to us now and we'll show the numbers and help to explain what hundreds of shared ownership buyers already know."

The latest HomeFocus cost comparison reveals that shared ownership can be cheaper − by almost £100 a month − than renting from a private landlord. when renting a typical two-bed apartment in the Shropshire town of Telford. The £93 saving is based on someone buying a 50% share of the same £105,000 apartment through shared ownership.

With shared ownership you buy between 25% and 75% of your Bromford home instead of buying outright and pay low rent on the remaining share. The HomeFocus figures combine mortage and rent to achieve a monthly total for shared ownership.

Brookfields wide view

* Bromford Homes examples

Brookfields, Shrewsbury: You can buy a typical 45% share of a two-bed house for as little as £60,750 at Brookfields (pictured above) − and your deposit could be just £3,038 with a 95% mortgage on that 45% share.

Colliers Green, New Arley: A typical 45% of a three-bed house can be yours for just £67,275 − and your deposit could be just £3,364 with a 95% mortgage on that 45% share.

Greyfriars House, Lichfield: You can buy a 40% share of a two-bed apartment for as little as £61,400 − and your deposit could be just £3,070 with a 95% mortgage on that 45% share.

To find out more about our developments, shared ownership and our special carpets incentive on selected home call 0845 60 10 878 or register your interest online. You can also keep in touch by following us on Twitter or Facebook.

04 February 2014