Share the cost of a new home with Barratt

Would-be homeowners who are holding back from buying their dream property because of the strain on their monthly outgoings can rely on Barratt North Midlands’ equity share options to reduce their mortgage.

At the housebuilder’s four Nottinghamshire developments – Friars Park, Celtic Village, Park Mews and Riverside Walk - potential buyers can take advantage of three separate equity share deals to ease the tug on the financial pocket strings. Dream Start, Head Start and HomeBuy Direct all offer people the chance to purchase 100 per cent of their home for a reduced percentage of the price – the housebuilder pays for all or part of the remaining percentage with a deferred loan.

With Dream Start, homebuyers pay 75 per cent of the price of the property, whereas Head Start gives the option of paying an 85 per cent share of their chosen home. The remaining 25 or 15 per cent are covered by Barratt through a deferred loan, which is repayable after 10 years or when the house is sold if sooner.

Celtic Village in Worksop also offers a selection of new homes under the brand new HomeBuy Direct scheme, which gives purchasers a chance to buy a home for just 70 per cent of the price. Those eligible for this joint Barratt/Government initiative include first-time buyers, key workers, people in private rented accommodation, those in social rented accommodation who want to buy a property, anyone who is running out of room at their current home and needs more space, plus people who have a household income of no more than £60,000.

For example, at Barratt’s Celtic Village development on Raymoth Lane, two-bedroom apartments are priced from £99,995, but under the three equity share schemes a buyer would pay £74,996 on Easy Start, £84,995 on Head Start and £69,996 with HomeBuy Direct.

James Poynor, Sales Director for Barratt North Midlands, said, “These three shared equity options are all fantastic for first-time buyers and people looking to move to a bigger home.

“It means current homeowners who are desperate to upgrade to a bigger home because they need the space may find that they are now able to afford to do so. Plus anyone looking to get their foot on the property ladder who does not have the monthly income or enough saved for a deposit could find their dream of home ownership is now a reality.

“Many buyers also find that they no longer require a deposit with the shared equity offers, because part of the Barratt loan may be taken as an alternative by mortgage lenders.

“First time buyers and key workers at Friars Park may also be eligible for the First Time Buyers Initiative which is a Government scheme that requires buyers to pay as little as 50 per cent towards the purchase price of a new home, making a move even more affordable.”

Equity Share homes currently available from Barratt North Midlands in Nottinghamshire are:

Friars Park, Mansfield Road, Edwinstowe

A popular development that has a fantastic range of one, two-, three- and four- bedroom homes currently on the market. Prices start from £79,995.

Celtic Village, Raymoth Lane, Gateford, Worksop

A charming development offering a selection of two- bedroom apartments and three- and four- bedroom houses. Prices start from £99,995.

Park Mews, Gedling Road, Arnold, Nottinghamshire

A contemporary collection of two- bedroom apartments with prices starting from £99,995.

Riverside Walk, North Gate, Newark

This development is deal for families with three- and four- bedroom properties on offer. Prices start from £134,995.

For more information, visit Barratthomes.co.uk.