Back to Buying with Bromford
Buying a pre-loved home
A pre-loved Shared Ownership home is different to a new build. It's a home that already has a current Shared Owner, and they are now looking to sell either just their share or 100% of the home.
If the current owner is selling just their share
If you are looking to buy a home where the existing Shared Owner is selling only their share, you'll need to:
- meet the eligibility criteria for Shared Ownership
- follow the process outlined below
If the current owner is selling 100%
If the owner is selling the full 100%, you can proceed as though you are buying on the open market. If you're unsure what percentage of the home is being sold, your estate agent will be able to advise you.
If you're looking for a new build home
If you are looking to buy a new build Shared Ownership home, please visit our new build homes page.
Guide to buying a pre-loved Shared Ownership 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.
Step one: Review the key information about Shared Ownership
Take a look at the information provided in the document below to ensure that Shared Ownership is right for you.
Step two: Shared Ownership eligibility
Once you have checked your circumstances against the eligibility criteria for Shared Ownership, complete the eligibility form below so that our team can approve you for Shared Ownership.
Step three: Two-stage affordability assessment
A two-stage affordability assessment must be conducted by a financial adviser. This assessment must be carried out whether you are applying for a mortgage or are a cash buyer.
The financial adviser carrying out this assessment must be:
- regulated by the Financial Conduct Authority (FCA)
- knowledgeable and experienced in Shared Ownership
When it comes to choosing an adviser, you can choose to use:
- Bromford’s panel adviser, who specialises in Shared Ownership and meets all required criteria.
- Your own financial adviser, including one recommended by your estate agent, provided they are regulated by the FCA, suitably qualified, and experienced in Shared Ownership.
Please note: Bromford may need to confirm that any non-panel adviser meets the necessary criteria to carry out the affordability assessment.
What happens during the two-stage affordability assessment?
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.
First come first served
To ensure that we treat everyone fairly, only one eligible buyer 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 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.