HomeBuy Direct boost for buyers in Teesside

First time buyers in Stockton have been handed a second chance to move into a brand new home with a minimal deposit after a further funding release for the HomeBuy Direct scheme.

Thousands of people across the country have taken advantage of the Government-backed scheme, which enables buyers to move in for 70 per cent of the price.

The original HomeBuy Direct is coming to an end. But homes at Barratt North East’s Hardwick Green have now become eligible for the scheme thanks to a new release of Government funds called Kickstart, which as its name suggests is designed to boost the local housing market.

It means that buyers could move into a new 2-bedroom home at the development with a deposit as low as £3,412 – or may need no deposit at all in some circumstances.

“This news should interest anyone looking to buy a home who doesn’t have a big deposit,” said Fenton Hewitt, Sales Director at Barratt North East.

“Everyone knows that public spending is being squeezed at the moment, so it’s great news that local people will still be able to get on the property ladder with the help of Government money.

“I’d advise anyone who is interested to come and talk to us as soon as possible. There will be a lot of demand for a limited number of homes and buyers will be served on a first come first served basis.

“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 an outstanding 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. Because a smaller mortgage is required, monthly repayments should be more affordable.

HomeBuy Direct is open to a wide range of people who don’t currently own their own home. Eligible households will be earning less than £60,000.

The scheme brings the move-in price of a ‘Washington’ home at Hardwick Green down from £97,500 to £68,250.

This is one of Barratt North East’s most popular homes with first-time buyers, who appreciate its open-plan layout, two double bedrooms and 624 sq ft of living space. It features a living room with dining area, and fully-fitted kitchen complete with oven, hob and hood.

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

The sales centre and showhomes at Hardwick Green are open daily from 10.00am to 5.00pm.