Shared Ownership
Owning your own home… do it the easy way with Bromford Homes
turtlehomes.co.uk online estate agents offer a wide range of brand new homes in many exciting locations throughout the UK. There are plenty of designs to choose from, ranging from 1 and 2 bedroom apartments to 2, 3 and 4 bedroom houses. All are built to a very high specification by many of the country’s leading house builders and they often form part of a development available for outright sale.
Every new home is covered by an NHBC or equivalent 10 year building guarantee. Constructed using the very latest technology and high performance insulation, with double glazing and heating as standard, they are all cost efficient to run and easy to maintain.
Why rent or buy an older house when you can own a new home and pay lower monthly costs?
The flexible way to do it!
To help make it possible for you to buy the home of your dreams, we offer a range of purchasing packages, including try before you buy, outright sale, and our flexible purchasing scheme, also known as shared ownership. With the flexible purchasing scheme you can start by purchasing just 25% of your new Bromford home and then buy more as and when you can afford to. Your home is exclusively your own. You share the ownership with Bromford Homes but have all the rights and responsibilities of the full owner occupier. You pay Bromford Homes a discounted monthly fee on the remaining share, which they continue to own.
You benefit from lower monthly payments than if you bought a home outright but get all the advantages of a brand new home. You can usually buy more shares in your home as soon as you can afford to. The more shares you buy, the lower the monthly fee you pay. But you don’t have to buy more shares; you can stay at the original share if you prefer.
So where’s the catch? There isn’t one! Bromford Homes want to help people buy their own home and we want to make buying as easy as possible for everyone who wants to get on the property ladder.
Do I qualify to do it?
We can only sell you a Bromford home through our flexible purchasing scheme if you meet certain minimum requirements.
- If you are over 18, currently working or living in the UK and cannot afford to buy a home on the open market you may be eligible.
- You will need to be able to pay for your share of the home, either from your savings or with a mortgage, and will need to be able to meet your monthly mortgage repayments and your monthly fee and service charge.
- There maybe restrictions on household income which will be scheme specific.
- Priority will be given to applicants who are existing tenants of Local Authorities or Housing Association, nominated by a Local Authority from their waiting list, key workers, people living and/or working within the area they are applying for or need to live in the area for reasons of employment.
How much will it cost to do it?
You will need funds available to cover the initial costs of buying a property. These may include:
- Your solicitor’s costs, search fees and disbursements.
- A mortgage arrangement fee.
- A valuation fee may be applicable if you are having a mortgage.
- Your deposit.
- Stamp duty where applicable.
- Removal costs.
Getting it Done
Once you have found your new Bromford home, if you are purchasing a share in the property, you may be required to complete an application form and provide supporting documentation. This is to ensure that any potential applicant who can afford the property, is not able to buy outright and if necessary can secure a mortgage.
- We will complete a budget summary based on the information you supply and use this summary to check whether you qualify for a property.
- We will do a credit check and work with you to make sure you buy only a home you can afford.
- If you haven’t already done so, we may ask you to register with a HomeBuy Agent or Local Authority, or if you are purchasing a share in the property. This will depend on the scheme you are interested in.
For some schemes eligibility will be extended to include criteria linked to additional funding arrangements, planning conditions, property constraints or scheme design. Where such additional criteria apply this will be made clear when the scheme is marketed.
How to get if done?
Once you have completed the application form, please find a list of supporting documentation which will be required by the independent financial advisor to complete the assessment.
- Proof of identification (i.e. copy passport, driving license, birth certificate etc)
- Last 3 months bank statements together with proof of all income (i.e. copies of last three months payslips or last 3 years accounts if self employed, details of all benefits, pensions, maintenance or any other additional income)
- Proof of savings (i.e. copy pass books, bank statements, etc.)
- Details of any loans or hire purchase. Copies of the loan or hire purchase agreement are required.
- A contact name and fax number for your employer’s Human Resources Department.
- If you are in receipt of Tax Credits please forward evidence of the amount received.
- If you are in receipt of maintenance payments we require a copy of either the Court Order or Child Support Agency documentation.
- If you have a County Court Judgement registered against you please provide documentation to show that this has been paid off and / or regular payments are being made.
