Don’t miss out on FirstBuy, urges Barratt

Barratt North East is urging first-time buyers not to miss out on the opportunity to buy a home of their own with a deposit of just £4,500 at Riverside Crescent, Blaydon.

The housebuilder has been allocated extra funding through the Government-backed FirstBuy scheme, giving potential purchasers another chance to buy at the lowest possible cost.

FirstBuy brings the move-in price of a 2-bedroom ‘Falkirk’ apartment at the development down from £112,500 to £90,000.

And monthly mortgage payments could be as low as £408.50* – cheaper than renting a similar property in the area.

The ‘Falkirk’ has a well-planned interior layout with a good-sized living room with dining area, separate fitted kitchen and two double bedrooms.

It has energy-efficient heating and an allocated parking space, and buyers will also benefit from the exclusive Barratt five-year guarantee on fixtures and fittings.

Barratt North East sales director Fenton Hewitt said: “The original FirstBuy scheme has now finished but we have been awarded additional funding, which is great news for first-time buyers on Tyneside.

“We’re expecting the apartments to be very popular and I would urge people to register their interest with us now to avoid disappointment.”

FirstBuy is an equity share scheme, designed to help potential buyers get onto the property ladder at the lowest possible cost and with the lowest possible deposit.

A loan of up to 20 per cent of the price of the property is jointly funded by Barratt and the Government’s Homes and Communities Agency. Buyers then have to find the remaining 80 per cent of the price themselves, made up of the mortgage and deposit.

Any household with a combined income of up to £60,000 is eligible.

The apartments at Riverside Crescent are currently under construction. The development enjoys a superb setting on the south bank of the Tyne with the MetroCentre and other amenities close by.

The sales centre is open daily from 10.00am to 5.00pm (Mondays 11.00am to 6.00pm). Potential buyers can register online at barratthomes.co.uk.

*Based on a 75 per cent loan-to-value mortgage over 25 years and a 3.19 per cent two-year fixed rate mortgage with Nationwide Building Society.