Bromford Homes pay up to £2,000 towards deposit on Lydney homes

Published by David Faers for Bromford Group in Housing and also in Communities

ASPIRING homebuyers in the Forest of Dean are being offered a four-figure helping hand up the property ladder.

The booster comes from Bromford Homes with an offer to pay up to £2,000 towards a deposit on a two or three-bedroom shared ownership home at Lydney’s Oakdale development.

The contribution will vary from buyer to buyer because it’s equal to five per cent of the share bought through the part buy-part rent HomeBuy scheme.

HomeBuy already makes that first step on the property ladder really affordable, says Bromford Homes Head of Sales Trish Foster, and the new deposit-boosting offer is just too good to miss.

“Shared ownership is still one of the property world’s best-kept secrets. With many lenders requiring fairly large deposits, it’s a great way for people to get into the home-buying market,” said Trish.

“Normally, buyers would be able to get on the property ladder here with one of our fabulous three-bed homes at Oakdale for a fraction over £1,900* - a really achievable amount for people to save.

“But now we’re offering to pay a contribution of five per cent of the share purchased and that amount will go towards the buyer’s deposit up to a maximum of £2,000. That really is too good to miss.”

Shared ownership allows aspiring homeowners to buy between 25 per cent and 75 per cent of a new Bromford home and pay subsidised rent on the remaining share.

So, for example, a customer could buy a 25 per cent share of a three-bed home at Oakdale for £38,260. If that customer has a 90 per cent mortgage, the deposit would be £3,826 and the contribution from Bromford Homes half that amount - £1,913, or five per cent of the purchased share.

“These homes are ideal for first-time buyers who want to leave behind the uncertainties of renting and enjoy the benefits of home ownership but don’t have the five or ten per cent deposit needed to buy outright,” said Trish.

“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.

“When buyers come to us, we go through their finances with them and work out what they can really afford. 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 front and back gardens, full screen fencing, and quality kitchens.

“If you want to see what you can get for your money come along to our great new show home at Oakdale. It’s really easy to find and we will be happy to share the secrets of shared ownership with you.”

There are three different styles of three-bed Bromford houses at Oakdale as well as two-bed homes – all with fitted carpets.

The location – off the A48 Lydney Bypass - is good for local commuting and from a family point of view. Lydney’s busy centre with shops, sports facilities and schools is only a short walk away.

Newport and Gloucester are half an hour away by train, while other towns like Chepstow are easily reached by bus or by car. Cardiff and Birmingham are both about an hour’s drive away.

Bromford’s Oakdale showhome is open from Thursday to Monday between 10am and 5pm. Call 01594 845369 to find out more.

* A £1,913 deposit assumes a 95 per cent mortgage on a 25 per cent share of a three-bed home. That share would cost £38,250, or 25 per cent of the total £153,000 asking price. A 10 per cent deposit would cost £3,826.

A 25 per cent share of a two-bedroom home at Oakdale is £32,500.

Share purchases subject to HCA & Bromford Homes criteria. Monthly rent and service charges also apply.