What is shared ownership
An affordable Way to get onto the property ladder.
Help to Buy Shared Ownership can be a fantastic way to get your foot in the property ladder if you can't afford to buy a home on the open market.
You can buy between 25% and 75% of the property with the option to buy more shares at a time that's right for you. You will pay a monthly rent on the remaining share. Your home will be yours and you will have all the rights and responsibilities of being a home owner.
Step 1 - Register with Help to buy
Register with Help to Buy. If you have already done this please email your Help to Buy reference number to the Bromford Homes Sales Team in order for us to log your interest, or call us on 0800 0852 499.
Step 2 - Check your local area connection
You’ll notice that on most of our property listings we say that a local connection to the area is needed.This is because the homes for sale in these areas have been built specifically to help meet the needs of local people who can’t afford to get on the housing ladder any other way.The local area connection criteria varies between sites, but generally it’s based on:· Being a resident (or employed within) the area for a number of years (usually between 2-5)· Family connections – for example, parent, grandparent, child, grandchild or adult sibling – who have lived in the area for at least three years.To find the local area connection, go to the web page for the site you're interested in and click on the link.
Step 3 - What's affordable for you?
As part of the application process you are required to carry out an affordability assessment and provide documents to support the application, TMP Mortgages will carry out this initial assessment.
- Visit TMP Mortgages' website: www.tmpmortgages.co.uk
- Click the Apply now button
- Complete the online questionnaire
- Your assessment will then be allocated to the correct person and an advisor will then make contact with you within 24 hours (not including weekends) they will discuss options with you and request documents required to complete the application. All documents must be provided to TMP within five working days.
If you have any difficulties completing the assessment online please contact TMP directly who will be able to assist you: Tel: 01604 780586
Step 4 - Get in contact
Once Step 3 is complete, TMP will contact the Sales Team at Bromford to confirm the share that you are able to purchase.
A member of our Sales Team will get in touch with you to confirm your choice of solicitor and mortgage broker. We will then issue your notification of sale to all parties in order to formally instruct your sale.
All applications will be processed in order of receipt based on when both reference numbers were provided. Unfortunately we may not be able to process your application if any of these steps have not been followed, or if any information is missing.
Resale shared ownership homes
We also offer 'Help to Buy' shared ownership homes that aren't brand new. These are listed on the Help to Buy agent website. All you need to do is find your local Help to Buy agent and search for resale homes to buy.
Contact us on 0330 1234 034 if you are interested in buying a Help to Buy shared ownership property which is not new.