Last chance for low cost homes scheme in Somerset

First time buyers in Somerset are being urged not to miss out on a final opportunity to buy a new home with the lowest possible deposit.

They could move in to a new home at a number of local developments for just 70 per cent of the asking price thanks to the HomeBuy Direct low-cost home ownership scheme.

But the Government-backed scheme is coming to an end because of the squeeze on public spending and buyers only have one more month to take advantage, says Caroline Hill, sales director at Barratt.

“You really only have a month left to sign-up if you want to take advantage of this outstanding opportunity to get on the housing ladder with the help of public money,” she said.

“Thousands of people across the country have used HomeBuy Direct to buy a home and we’ve been inundated with local people who are interested.

“I’d advise anyone who is interested to come and talk to us very soon. It doesn’t cost anything and we can answer all your questions.

“HomeBuy Direct can dramatically reduce the initial cost of house purchase and for people who have been priced out of the market for years this is a once-in-a-lifetime opportunity to own their own home.”

The scheme gives buyers the opportunity to move in for only 70 per cent of the price, with the remaining 30 per cent covered by a loan from Barratt and the Government’s Homes and Communities Agency and the buyer’ five per cent deposit. Because a smaller mortgage is required, monthly repayments are much more affordable.

HomeBuy Direct is open to a wide range of people who don’t currently own their own home. But buyers must reserve their home by the end of July, 2010 and eligible households will be earning less than £60,000.

For added peace of mind buyers can also benefit from Barratt’s new five year warranty on fixtures and fittings in their new home at the time of purchase.

Barratt’s current Somerset developments include Festival in Bridgwater together with Cades Farm at Wellington and the Old Cider Works at Norton Fitzwarren.

For further information on Barratt sites in Somerset visit: barratthomes.co.uk