Think you can’t get started on the property ladder?
Date: 21/05/2008
Region: South Midlands
The BloorHomesStartplus scheme is ideal for those wanting to buy their first home and could give them the chance to own 100% of their new home.
The scheme is designed for those new to home ownership but is also an attractive purchase option for existing owners.
The scheme works by a partial subsidy of the purchase price by Bloor Homes. Unlike other subsidised purchase plans, however, the Bloor scheme is not a shared ownership scheme. Instead, 100% of the ownership of the property immediately passes to the purchaser.
Buyers do not need to provide a deposit and only have to find three quarters of the purchase price before moving in. Bloor Homes will finance the 25% balancing payment for a maximum period of 10 years following the date of the original purchase or until the property is sold, whichever event occurs sooner. For example, if you buy a home at £200,000 you will pay Bloor only £150,000 when you move in. When you come to sell you will pay the 25% balance based on the selling price of the property.
This is secured by a second mortgage.
Later, if you sell for £210,000, then £52,500 (25%) is payable to the company plus costs. On the other hand if you sell the property for £195,000 then you pay the company £48,750 (25%) plus costs.
Commenting on this new way to buy a home more easily Elaine Brown, sales manager for Bloor Homes South Midlands region said, “This is just what many potential purchasers have been looking for. Only having to find 75% of the purchase price makes home ownership much more accessible for a lot more people, particularly those who are buying for the first time. The fact that there’s no deposit to find is another great help. Why pay rent when you could find that buying your own home with Bloor Homes Start works out cheaper?”
The BloorHomesStartplus scheme is being offered this week at The Old School Westbury Tel. 01280 840269, and Boadicea View, Stamford Tel. 01780 762684.
For full details contact the Bloor Homes’ South Midlands regional office on 01604 684400