Bromford open day offers buyers a dream choice
Published by SJC Communications for Bromford Group in Housing and also in Communities
FIRST-TIME buyers and families who can't afford to buy on the open market are all invited to a special open day that promises to help them make their dreams of home ownership come true in north Warwickshire.
Bromford Homes’ warm welcome − and an insight into the secrets of how to get onto the property ladder at affordable prices − await at the Arley Community Centre on Saturday (Sep 21).
It's a free, friendly and informative chance for would-be buyers to find out about the part-buy, part-rent deal − also known as shared ownership − and the HelpUbuy equity loan offer on homes at Colliers Green, New Arley, near Coventry.
Buyers can find out more when the community centre doors open at 11am on September 21 and Bromford Homes Head of Sales Alan Bradley urges aspiring homeowners to drop in at any time before 4pm.
"Colliers Green will be a lovely development that offers buyers a total of 20 two and three-bedroom affordable homes − eight of them earmarked for equity loan − right here in the heart of New Arley, close to local schools and shops," says Alan.
"It's ideal for local couples and young families from Coventry and Warwickshire who want to get on to the property ladder and maybe leave behind the uncertainties of living in a private rented home or living with their mum and dad.
"Shared ownership and equity loan can both make the dream of home ownership a reality at a price that ordinary people can afford and, in the case of Colliers Green (pictured), we are offering you a choice of both routes onto the property ladder."
HelpUbuy equity loan allows buyers to purchase their new Bromford home for just 80% of its purchase price − in the case of Colliers Green, around £98,000*** for a two-bed home with a full market value of £122,500. Buyers simply pay 5% deposit which in this example is 5% of £98,000 − plus the monthly mortgage payments on what you borrow − with no interest on the other 20% for up to five years and no rent either.
With shared ownership, buyers purchase between between 25% and 75% of their new Bromford home − the amount depends on what they can afford − and pay low rent on the remaining share. In the case of Colliers Green, it costs as little as £30,625* for a minimum 25% share of two-bed house or £34,250** for a three-bed Cowley.
"Crucially for most first-time buyers, the deposits in both cases are much cheaper than if you buy outright − as little as £1,532* for shared ownership and around £4,900*** for the equity loan scheme," Alan tells would-be buyers.
"Which route each buyer chooses will depend on their circumstances and their own personal choice so we encourage them to come along on Saturday, find out more and talk through their options. We're expecting the first few homes to be finished this autumn so the first few buyers could be living in their own home much sooner − and for much less − than they thought."
* With shared ownership, £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. ** With shared ownership, £34,250 would buy a minimum 25% share of a three-bed Cowley house with a full market value of £137,000. A minimum deposit would be £1,713, assuming a 95% mortgage on that minimum share. A minimum 25% share of a three-bed Bourne home with a full market value of £149,500 is £37,375 and a minimum deposit − assuming a 95% deposit − is £1,869. *** With HelpUbuy equity loan, you could pay £98,000 for a two-bed home with a full market value of £122,500. A 5% deposit on the share you buy would be £4,900.