Sherlock home’s logical answer for 1st-time buyer
YOU don't have to be a legendary detective to know that shared ownership can solve the
Case of the Typical First-time Buyer. It's elementary my
dear Watson, according to Sherlock fan Thomas Turner, who used his
own powers of deduction to track down the affordable home of his
dreams at St Mark's View, Cheltenham.
Like his fictional puzzle-solving hero, Thomas considered all
the "clues" and came to what he believes was the only logical
conclusion: Buy through Bromford's shared ownership scheme.
He moved into his two-bed part-buy, part rent home late last
summer and has since added several themed touches such as a bound
copy of Sir Arthur Conan Doyle's stories, a Baker Street sign and
an old leather armchair he affectionately calls Sherlock.
It's a truly happy ending to his "case" and 24-year-old Thomas
believes that other first-time buyers can also crack the
property-buying puzzle if they consider three key pieces of
1 Deposits and purchase prices are much more affordable
with shared ownership. "It's ideal for first-time buyers
like me who want a house that they make their own and don't want to
wait until after they have saved up the enormous deposit that
lenders require for an open market sale," says Thomas.pictured
below. "In my case, I wanted to live near work. Shared ownership
allows you to buy a share of a new home and to make it yours."
2 Smaller mortgage payments plus low rent add up to a real
win-win deal − and are typically less than than
private renting. "Overall, I know I pay less each
month than friends in the Cheltenham area who rent apartments and,
unlike me, they are not going to get anything back over time," says
Thomas. "Before this I was lodging in a room at somebody else's
home. They were very kind but I was always conscious of it not
being my own home and that I was essentially helping to pay off
somebody else's mortgage."
3 Shared ownership is an affordable first step on to the
property ladder and you can increase the share you own.
"This is an investment for my future. I want the hard work I do to
contribute over time towards something that will eventually be all
mine," says Thomas. "You can increase the share you own in the
future through staircasing and that's certainly something that I
would choose to do when I can afford it."
His final deduction? Would Thomas recommend shared ownership to
other first-time buyers and other people who can't afford to buy on
the open market? "Absolutely. In fact, I often do," replies Thomas.
"I always advise people that it is a brilliant way to get started
on the property ladder."
What else would Thomas, pictured again below, say to other
first-time buyers in Cheltenham? "Come around for a cup of tea!
I'll happily show off my home, of which I am very proud. And I
would certainly encourage them to get in touch with Bromford as
their sales consultant was brilliant and they have been very
forthcoming every time I have needed any little bits of help."
Bromford Homes Head of Sales Alan Bradley says: "We're delighted
that Thomas put his detecting skills to work and − like so
many other first-time buyers − came to the conclusion that
shared ownership is the answer.
"The evidence is there for all to see and consider. Our
part-buy, part-rent formula − also called shared ownership − really does make a
difference to first-time buyers and other people on lower incomes
who can't afford to buy on the open market."
Instead of buying outright, you buy between 25% and 75% of your
new home − the actual amount depends on what you can afford, with
around 45% being fairly typical − and pay low rent on the remaining
share. This means, for example, that you can get on the property
ladder at our new Pennylands development in Winchcombe for
around £78,750 − or 45% of a two-bed Spoonley home with a full
market value of £175,000 − and a minimum 5% deposit of £3,938.
"Figures like that make buying much more affordable and we work
with each customer to make sure that the actual amount they buy
reflects their personal circumstances," says Alan. "And it's not
just the initial costs that are cheaper. There's plenty of evidence
to support what Thomas says − that the total monthly cost of
shared ownership are typically cheaper than if you buy
rent from a private landlord. That's why people across central
England keep saying such an enthusiastic yes to shared
To find out more about shared ownership and Bromford
developments across central England call 0845 60 10
878 or register for updates. You can also
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09 January 2014