About Joint Equity Ltd
Brad Bamfield, Joint Equity CEO
Joint Equity Ltd. began operations in late 2006 to promote and operate the Joint Equity Scheme. Brad got the idea for the Joint Equity Scheme from talking to friends and relations who were having trouble buying their first homes. He realised that this problem couldn’t be confined to his acquaintances alone, and on doing some preliminary research discovered that approximately 250 000 first time buyers are being pushed out of the property market every year!
The problems of First-Time Buyers
Further research revealed that there are 3 main reasons that first time buyers are unable to buy a home:
- As mortgages are only normally offered at 3.5 times the buyer’s annual salary, an individual has to earn £35,700 per annum in order to get a £125,000 mortgage . Most aspiring first time buyers earn considerably less than this. Anyway what does a £125,000 mortgage buy you today?
- The high cost of renting and paying off student debts prevents young people from saving for a large deposit.
- The rented sector offers no security to the occupier and they hate having a landlord and an agent hanging round their necks all the time.
Brad develops a conscience!
At about the same time, Brad was considering the ethical stance of his own property assets and talking to others who were also reluctant to use buy-to-let as a property ownership strategy. He wanted to give something back to society after spending nearly 40 years as a successful developer and construction manager, and decided that helping others to attain the security of their own homes was the way to do it.
So the idea of a Partnership between the Resident and the Non Resident co-owners, where both would benefit from and help each other, was born.
Tamsin is asked to contribute
On discussion with his colleague, Tamsin Fox-Davies (a marketing specialist), the Joint Equity idea was further developed and refined, and a little later the we launched Joint Equity Ltd just at the start of the 2007 recession.
How the Joint Equity Scheme is managed
The Joint Equity Scheme is managed by Joint Equity Ltd and we make sure that both Resident and Non Resident Partners are treated fairly and that their interests are protected.
Joint Equity Ltd owns no share of the properties whose purchase we facilitate – only the Partners actually hold ownership stakes – but we do cover our costs through the levying of moderate management fees. See typical costs for more details.
The role of Joint Equity Ltd
The function of Joint Equity Ltd is to introduce Resident and Non Resident Partners and to facilitate the process of home purchasing using our specially developed contracts. We also ensure that both partners are adhering to their part of the contract entered into through un-intrusive checks at regular intervals, and report to all partners on how their properties are performing.
Additionally, we operate the Joint Equity Partners Networks and the Joint Equity Affiliates Network to provide extra support and help to all Joint Equity Partners.