New homes for under £100k at Purbeck Gate

Thanks to a major new Government initiative, buyers can now move into a brand new home for just 70 per cent of the purchase price at Barratt’s Purbeck Gate development in Wool, Dorset.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Mark Docherty, Barratt sales director, said: “At Purbeck Gate, current availability includes our Knighton apartments priced from £142,000. Buyers who are eligible for HomeBuy would only need to secure a mortgage for £99,400.

“We can also offer a semi-detached Maidstone house, priced from £239,000 but available for just £167,300 with HomeBuy.

“The two-bedroom apartments come with a garage and spacious accommodation, including a kitchen/breakfast room and living/dining room,” he continued. “The three-bedroom Maidstone has a kitchen/diner with French doors to the garden, an en-suite master bedroom, downstairs cloakroom and garage. Both types of property offer an ideal home for first-time buyers and key workers.”

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to Purbeck Gate, developments in the south with HomeBuy properties include Citigait in Portsmouth, Lakeside in Eastleigh and Hawthorn Meadows on the Isle of Wight.

Mark continued: “People who have been priced out of the housing market for years see this is an outstanding opportunity to buy a new, lower 2009 priced home. The 30 per cent equity loan from Barratt and the government means that, in many cases, they don’t even need to have a deposit.”

The scheme is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply.

Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards.

Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a proportionate share of the sale proceeds.

Purbeck Gate, a development of two, three, four and five-bedroom homes, is located in the tranquil village of Wool in Dorset. The village is situated on the Isle of Purbeck, part of the Jurassic coastline, and lies six miles from Wareham and 14 miles from Weymouth.

For further information about Barratt’s HomeBuy Direct scheme, log on to Barratt.co.uk.