Help with home ownership in St Albans

A new initiative launched nationally that helps buyers into home ownership is available at Barratt North London's Handley Place development in Frogmore, St Albans. MyChoiceHomeBuy, a government supported scheme, 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 interest 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 the buyer has finished paying the mortgage. They can also repay early in one go, or in stages.

A typical example is a two bedroom apartment at Handley Place. Currently priced at £225,000, it could cost just £112,500 under the scheme.

Glyn Hopping, managing director of Barratt North London, said: "Because finding a deposit can be difficult, this initiative offers a straightforward and affordable solution into a brand new home."

Handley Place in Park Street, Frogmore currently has two-bedroom apartments available under the scheme. Prices start at £225,000.

For full MyChoiceHomeBuy terms and conditions, visit the development, open Thursday to Sunday 10am to 6pm and Monday 2pm to 6pm, or log on to Barratthomes.co.uk for further details.