Bryant Homes tempts West Bromwich tenants

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by Gill Montia

Bryant Homes is urging tenants in West Bromwich to consider getting a foot on the property ladder at its Central Square development on Dartmouth Street.

The housebuilder has allocated two “Dudley” apartments for purchasers who meet the criteria of the Government’s HomeBuy Direct scheme and could therefore move into a two bedroom apartment for £66,496 and with no deposit to pay.

The cost is 70% of the usual £94,995 price because HomeBuy direct can provide an interest free equity loan.

Based on a 25 year repayment mortgage for a 70% loan, mortgage repayments could total £348 per month which according to Bryant is far less than the rent for a comparable property.

HomeBuy Direct is open to households earning less than £60,000 a year that would otherwise be unable to buy a home.

Applicants may be eligible if they are either first time buyers; previous home owner who can’t now afford to buy without help; a housing association or council tenant; a “key worker” such as a nurse or teacher.

Would-be homeowners can buy a share of a newly built property while the rest of the cost is met by a housing provider.

Rent is paid on the un-purchased element of the property and is set at a maximum of 3% of the outstanding share in the first year.

Buyers can pay off the equity loan in instalments after the first 12 months or sell their HomeBuy property on the open market if they wish, with the equity loan being repaid by way of a share of the sales proceeds.

The Central Square development comprises 82 new homes (over 60% now sold) ranging from apartments to three bedroom townhouses.

The location is within easy walking distance of the town centre.