HomeBuy Direct works for Carl in Croydon

Carl Goodison (32) has at last managed to get a foot on the property ladder after years of renting, thanks to Barratt offering the new Government HomeBuy Direct scheme at New South Quarter, Croydon.

The HomeBuy Direct scheme meant that Barratt and the Government jointly funded a 30 per cent equity loan which allowed him to buy an apartment usually priced at £199,995 for just £140,000. Carl reserved his two-bedroom apartment, off plan at the beginning of March, only a couple of weeks after he first visited New South Quarter.

Barratt has a total of 3,000 homes available through the HomeBuy Direct scheme nationwide and response to the initiative has exceeded all expectations with developments in the Greater London area in particular demand.

Carl has been renting a one-bedroom apartment in Camberwell Green for four years and decided a couple of years ago it was a waste of money and time to start saving for a place of his own. Concerned about how long it would take to save enough for a substantial deposit as he continued to pay rent, Carl never imagined being able to buy a place of his own this quickly.

Carl says, “I looked to see what was around the Croydon area as my girlfriend lives there, but I never imagined I would be able to buy anytime soon, when I saw New South Quarter was offering HomeBuy Direct it made me think again. I visited the marketing suite and New South Quarter looked like just the place I could see myself living.

Carl continues: “The sales team were really great, they explained all the long-term plans of the development as well as going into detail about HomeBuy Direct and how it could help me. I knew straight away I was going to buy!”

Barratt Kent’s Sales Director, Tim Nabbs, said: “HomeBuy Direct is really helping a significant number of people onto the property ladder, who perhaps would struggle otherwise. The scheme is open to first time buyers, key workers and others who are currently renting. People who have previously owned properties but are now unable to do so can also apply. The 30 per cent equity loan means that in many cases they don’t even need to have a deposit.”

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 joint Barratt/Government equity stake for the first five years, although a fee will be charged from the sixth year 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 share of the sale proceeds.

Carl, who has worked as a Duty Manager for London Underground for nine years adds: “When I move, the commute will only be fifteen minutes longer which is nothing, considering how much my quality of life will improve. Croydon really does have everything, it’s peaceful compared to other parts of London and considerably safer. There are so many bars and restaurants and of course there’s Ikea just down the road which will be great for when I move in.”

When complete, New South Quarter will be a modern urban village of around 800 new homes, situated approximately a mile from Croydon town centre. With striking architecture, imaginative landscaping and facilities including a medical centre, nursery school, café and convenience store, residents can expect a great lifestyle in this landmark development.

Buildings will be set within courtyards and leafy landscaped gardens. In the heart of the development, inspired by classical Italian architecture, will be a ‘Circus’; an area of open green space ideal for relaxing, having picnics or playing sports. The River Wandle crosses the site underground and Barratt’s long-term plan is to uncover it, which will provide many homes with river views.

New South Quarter is located opposite Wandle Park Tramline, which connects directly with Croydon’s mainline and tube stations; trains to Victoria and London Bridge can take as little as 13 minutes.

The first homes are due for completion at the end of 2009. Prices at New South Quarter start from £169,995 for a one-bedroom apartment, £191,995 for a two bedroom apartment and £249,995 for a three bedroom apartment.

For more information visit Barratthomes.co.uk/HomeBuyDirect.