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Shared equity unlocks homebuyer dream

BROMFORD'S low-cost shared equity deal made the home ownership dream come true for one young working couple at Colliers Green.

Like many 20-somethings, Dan Bailey and Kate Fry wanted to buy because they felt it would offer them and their two-year-old son Liam a better quality of life and a greater sense of security for the future.

They also felt that the three years of rent they had paid to a private landlord was "dead money".

At first, their property-buying dream seemed frustratingly out of reach with mortgage lenders demanding huge deposits that would take the couple many years of hard saving − and a fear that the figure would get bigger and bigger each year at a time of fast-rising property prices.

That gloomy prospect changed when they found out about the Help to Buy shared equity route to home ownership, googled it − and found our Colliers Green development at New Arley, between Nuneaton and Coventry.

ColliersGreen showhome no2 960x400

"This was the answer to our problem. With shared equity, we were able to buy our new Bromford home for just 80% of it purchase price − and yet the home is 100% ours from Day One," says 22-year-old delivery driver Dan (pictured below with Kate and Liam)

"With shared equity you pay just 5% deposit and that made all the difference for us. Lenders told us they would expect a deposit of at least 10% plus fees − and a much higher monthly payment than we could afford.

"We would recommend shared equity to other first-time buyers who, like us, simply can't afford to buy on the open market. It's an affordable way to get on the property ladder."

Dan&family 640doorstep 

Partner Kate nods in agreement and looks in the direction of their son. "We'd been talking about buying for a while having lived in private rented housing for a couple of years," says the 22-year-old deputy manager of a day nursery.

"Home ownership gives us more security than we had as tenants, something that we can call our own. This way we are investing in the future for Liam − and living in a lovely, comfortable, modern home that's so much better than anything we lived in before. We're happy with our home − and with the shared equity deal."

Dan and Kate also say that they pay around £60 a month LESS in shared equity mortgage costs than they did in rent to their private landlord. And that's not all. Early signs since their April move suggest their utility bills will be lower too because, like all new Bromford homes, their house has energy-efficient double glazing and insulation as well as a new energy-efficient boiler.

Dan&family 640garden 

Bromford Homes Head of Sales Alan Bradley says: "We're delighted to hear that Dan and Kate are happy with their new Bromford home − and with our low-cost shared equity deal.

"It's ideal for first-time buyers who find that open-market property prices − and especially the deposits − are out of their financial reach and they can't turn, like some young buyers, to what's now widely known as the Bank of Mum & Dad.

"With shared equity, you own 100% of your new home with a 75% mortgage − plus your 5% deposit. So you pay just 80% of the purchase price now. No rent is payable on the other 20% and no interest either for the first five years.

"This is what makes all the difference for first-time buyers like Dan and Kate, what makes it possible for them to take that first step onto the property ladder at a price they can afford."

To find out more about shared equity at Colliers Green and how it could make YOUR property dream come true, call one of our expert advisors on 0845 60 10 878 or register for updates. You can also keep in touch by following us on Facebook and Twitter.

15 July 2014