Home ownership 'not the impossible dream'
Published by David Faers for Bromford Group in Housing and also in Communities
HOME ownership is a better deal than living in a private rented house – and not the “impossible dream” it might appear to be.
That’s the message to potential first-time buyers in the Forest of Dean from Bromford Homes property expert Trish Foster.
She points to Bromford’s affordable new homes at Oakdale, Lydney, where it’s possible to get on the property ladder for as little as £31,750* and asks: “Why would you rent when you can buy?”
Her question is aimed at people paying a typical £500 or so a month in private rent when they could be paying a similar amount or less to buy through HomeBuy shared ownership.
“We know it can be tough out there for many aspiring first-time buyers,” says Trish, Head of Sales for affordable new homes specialist Bromford Homes in Gloucestershire.
“With house prices strong and mortgage lending much tighter than it used to be, renting can seem like the only option and affording a home of your own seem like an impossible dream.
“The good news is the dream can come true thanks to shared ownership. It’s a great way for people to get into the home-buying market and need not cost more each month than renting from a private landlord.”
Shared ownership at Lydney is an even better deal than ever, says Trish, now that Bromford Homes is offering to help qualifying buyers with a contribution towards their deposit that's equal to five per cent of the share that they buy − up to a maximum of £2,000**.
“This really is too good a deal to miss,” says Trish.
“In fact you could say there’s never been a better time for first-time buyers in Lydney to get their foot on the local property ladder. These homes are ideal for first-time buyers who want to leave behind the uncertainties of renting but can’t afford to buy outright.
"We do everything we can to make sure that the deal is truly affordable for buyers − whether they are buying a 25 per cent share or anything up to the 75 per cent maximum.
“At the end of the day, buyers get a traditionally-built, energy-efficient home built for ease of maintenance at a really affordable price. What's more, our price includes a lot of features that buyers might have to pay for as extras elsewhere. Things like turfed gardens, full screen fencing, and quality kitchens.”
* £31,750 buys a 25 per cent of the total £127,000 asking price for a two-bed home and the deposit would be £1,588 based on a 95 per cent mortgage. Buyers pay a monthly fee – lower than the equivalent open market rent – on the remaining share.
** Our deposit offer at Oakdale means that someone buying a 25 per cent share worth £31,750 and borrowing 90 per cent would receive a Bromford Homes contribution of £1,588, or half their deposit. The maximum contribution is £2,000.
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