First-time buyers back shared ownership in Bromford video
Published by SJC Communications for Bromford Group in Housing and also in Communities
Matt and Clare, Larks Rise, Coventry
FIRST-TIME buyers Matt McIntyre and Clare McLaughlin reveal how shared ownership made their home-buying dream come true in the latest Bromford Homes video.
The couple explain everything from why they wanted to take their first step on to the property ladder to how the part-buy, part-rent route made it possible for them to purchase just over 50% of their two-bed house at Larks Rise, Coventry.
They explain the basics of how Help to Buy shared ownership works, how buyers can increase their share − known as "staircasing" − at a later date... and lots more, all in little more than three minutes.
It's an easy way for other first-time buyers to find out about what Bromford Homes Sales and Marketing Director Bev Hall describes as "one of the best-kept secrets in the property world".
"Shared ownership is essentially a simple concept − you buy between 25% and 75% or your new affordable home and pay low rent on the remaining share," said Bev as the video was launched, coinciding with the start of the National Housing Federation-organised YesToHomes week.
"But explaining it − and some of the details − is not always that straightforward. That's why we commissioned this great new video from our colleagues in the Bromford communications team so that other potential first-time buyers like Matt and Clare (pictured) can understand how it works and how it can make their dreams come true as well.
"Matt and Clare have done a brilliant job and it's all very natural and authentic. We sat down with them in the living room of their Larks Rise home, asked them about a dozen questions over the course of an hour and filmed their responses.
"Handing over the keys to a new Bromford home and seeing a hard-working couple like Matt and Clare settle in and start enjoying this exciting new chapter in their lives is one of the most rewarding parts of our job − and I think this comes over in the movie."
Matt and Clare, a 31-year-old care assistant, were happy to help with the filming a few months after "leaving the family nests" and making the big move.
"We wanted to set up home together and to buy our own house rather than rent. Like a lot of people, I think paying rent is dead money," says 28-year-old Matt, a double glazier and locksmith.
"We looked at buying on the open market but couldn't get a big enough mortgage even though we both work full time because at the time Clare was an agency worker. Then someone suggested shared ownership − and we ended up buying just over 50% of a new home here at Larks Rise.
"We're really pleased to get this first step on to the property ladder and hope to increase the share we own at a later date. Shared ownership really does make owning your own home affordable if you find you can't buy on the open market. We would certainly recommend it − and Bromford Homes − to other first-time buyers."
First-time buyers have just a few more more chances to get on the property ladder at Bromford's fast-selling Larks Rise development in Coventry. Customers have snapped up most of the 39 houses in four months, leaving just one two-bed home for as little as £30,625* and four three-bed houses, including the showhome.
Prices for a three-bed home start from £36,875** through part-buy and a deposit that could be as low as £1,844. Buyers can find out more about shared ownership and any of the Bromford Homes developments by calling 0845 60 10 878 or visiting the website.
* £30,625 would buy a minimum 25% share of a two-bed house with a full market value of £122,500. A minimum deposit of £1,532 assumes a 95% mortgage on that minimum share. £36,875 would buy a minimum 25% share of a three-bed house with a full market value of £147,500. A minimum deposit of £1,844 assumes a 95% mortgage on that minimum share.
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