Watford buyers given helping hand from Barratt

Barratt North London is offering prospective purchasers the chance to discuss the different ways to get on the property ladder at its new Symonds Park development in Cow Lane on Saturday 21st March from 11am to 5pm. There will also be an opportunity to view the brand new three-bedroom showhouse.

Financial advisors and sales negotiators will be available to offer advice on a new Government scheme called HomeBuy Direct, and a similar initiative, MyChoiceHomeBuy.

Pre-registration for the HomeBuy Direct scheme was launched in January and it’s already proving extremely popular; with just 38 apartments and houses available under the initiative, it’s time to act fast. Homebuyers taking advantage of the scheme will receive an equity loan of up to 30 per cent, funded jointly by Barratt North London and the Government. The buyer finances the remaining 70 per cent of the purchase price, either through a mortgage, a deposit or a combination of the two.

Under HomeBuy Direct, buyers will be protected against possible falls in property values by up to 30 per cent as the Barratt/Government equity share will absorb price risk. In addition, there is no interest to pay on the equity stake for the first five years. 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 share of the sale price.

MyChoiceHomeBuy, also supported by the Government, is aimed at people with a household income of between £20,000 and £60,000, but who have no deposit. The scheme works with the buyer taking out a regular mortgage from any participating bank or building society. The remainder of the balance, up to a maximum of 50 per cent, or as little as 15 per cent, is then provided by an equity share loan, provided by the Government through the MyChoiceHomeBuy scheme.

With no deposit to find, buyers are offered an affordable solution into buying their first property, subject to eligibility through their local HomeBuy Agent. A low monthly charge of up to 1.75 per cent is payable per annum on the Government loan. The loan is paid back when the home is sold or when the buyer has finished paying the mortgage. This can also be repaid early in one go, or in stages.

Glyn Hopping, managing director of Barratt North London, says, “We have an outstanding track record in delivering affordable homes through initiatives like these. We have had a tremendous response since the pre-launch registration of HomeBuy Direct, which shows there is still strong demand for new homes in the area. Our ‘best buy day’ on 21st March offers a great opportunity to those worried or confused about buying in the current market; our advisors will explain how the shared-equity schemes work and the best route to owning a home at Symonds Park.”

Symonds Park provides 154 private one and two-bedroom apartments and three-bedroom houses in landscaped grounds with a play area and car parking. Around 17,000 square feet of commercial space will include offices, a crèche and gymnasium. The new three-bedroom showhouse will give visitors a good idea of the great design and specification they can expect at Symonds Park; selected homes like this will be available under the two shared-equity schemes.

Watford has much to offer in terms of facilities and excellent travel links, making it popular with buyers. The town’s Harlequin Centre has more than 145 stores. The town also includes an Asda, Tesco and Sainsbury’s, a variety of home, office and DIY stores, a cinema and a gym. The mainline railway station is around a ten-minute walk from the development and the M1 and M25 are within easy reach.

Prices start from £176,500 for a two-bedroom apartment and £300,000 for a three-bedroom house.

For more information log on to Barratthomes.co.uk.