Back to Buying with Bromford
Buying a pre-loved home
Are you ready to make an application for Shared Ownership? There are a few steps to buying a pre-loved Bromford home. We’ve broken them down below for you.
First come first served
To ensure that we treat everyone fairly, only two eligible buyers will be referred at any one time. This means that homes are allocated based on the order of initial affordability assessment being received.
More information on the first come first served policy can be found here.
What is the application process?
A two-stage assessment is conducted by a suitably qualified and experienced advisor, who is regulated by the Financial Conduct Authority (FCA). When it comes to choosing an experienced advisor, you have two choices:
- Use Bromford's panel advisor who are specialists in Shared Ownership;
- Use your own experienced advisor.
A high-level initial affordability assessment is carried out as part of Stage 1. The first prospective buyer to complete this assessment will be advised by Bromford that they may now arrange a viewing, make an offer to the vendor or their estate agent, and proceed to Stage 2 of the application process.
You have 5 working days to complete the stage 2 assessment unless Bromford are notified by the nominated mortgage broker that additional time is needed due to the applicant’s vulnerability.
Please note: The assessment will identify the share you can afford to purchase and not just the share being sold, as it is possible you could afford to purchase more than the share being sold. The percentage share and rent amount will vary depending on the amount you can afford, and you will receive a worked example after the assessment. You must be able to buy the current advertised share as a minimum, and you may be able to purchase a bigger share dependent on the lease and Bromford’s agreement.
A detailed assessment of income, expenditure, and financial circumstances, including a budget planner will be completed by a suitably qualified and experienced advisor when your offer has been accepted. This assessment will identify what share you can afford to purchase this could be more than the share being sold. You will need to provide certain documents to support your application.
The advisor will then issue the final sign-off which will require approval by Bromford.
The Sale Progressor will notify you and your estate agent once the final sign-off is approved, they will request the memorandum of sale and confirm your case has been assigned to one of the EHST Resale Co-ordinators.
What is Shared Ownership?
Shared Ownership can be a fantastic way to get your foot on the property ladder! Find out more here.
Eligibility for Shared Ownership
Whether or not you qualify for a Shared Ownership home – often called your ‘eligibility’ – is dependent on three separate factors. It’s important to understand the difference between them.