Save and Build brings Bromford home owning dream in reach
Published by Michelle Thompson for Bromford Group in Housing and also in Communities
The Beeches Northfield
BROMFORD Homes are offering Birmingham homebuyers a chance to reserve the home of their dreams and save for their deposit while the house is being built.
The Save and Build deal is being offered at The Beeches in Northfield, where Bromford's award-winning construction team is building a dozen high-quality houses for shared ownership.
Building won't finish until the start of summer 2013 but Save and Build means would-be buyers can reserve the home they want right now − even if they don't have the deposit.
According to Bromford Homes Head of Sales (North) Alan Bradley, Save and Build and HomeBuy shared ownership are ideal for first-time buyers.
"Save and Build is our latest way to buy − one that allows you to save for a deposit while your new Bromford home is being built," says Alan.
"It's a really great way for first-time buyers to make that property-owning dream come true through HomeBuyshared ownership.
"All you have to do is choose and secure a plot of your choice. Then you put away as much money as you can for, say, six months until you have the deposit you've agreed.
"We understand how difficult it is for first-time buyers to get their foot on the property ladder and HomeBuy shared ownership can make that dream come true. Add the Save and Build offer and you've got a real win-win deal."
Alan points to an example − the two-bed Frankley semi which is on sale through HomeBuy for as little as £30,000*.
"The deposit on that home could be as low as £1,500*. So, if a buyer can save around £250 a month between now and summer then they've hit their saving target," says Alan.
Prices for a two-bed end-of-terrace Farley home at The Beeches are slightly higher, starting from £33,125. A three-bed terraced Merecroft home is on sale at a starting price of £36,250** with deposits as low as £1,813, and prices for a three-bed Bartley house start from £34,875.
Alan believes the family-friendly location in south Birmingham and fair pricing mean that homes at The Beeches will prove popular and urges local first-time buyers to act quickly if they want to reserve a particular plot.
With HomeBuy, customers purchase between 25% and 75% of their new home and pay a low rent on the remaining share. "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," says Alan.
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* This example is based on a property price of £120,000. A 25 per cent share would cost £30,000 and a five per cent deposit on that would be £1,500.
** £36,250 represents a 25 per cent share of a three-bed terraced house with a full value of £145,00. A deposit figure of £1,813 assumes the buyer has a 95 per cent mortgage.