Make homeownership a reality at Friars Park

Prospective homeowners priced out of the housing market could find a helping hand towards making that first step onto the property ladder at Barratt North Midlands’ Friars Park development with the First Time Buyer Initiative (FTBI).

The FTBI is a government scheme that aims to make more affordable homes available to first time buyers and it is part of the HomeBuy low-cost home ownership project that is delivered by national regeneration agency English Partnerships.

Aptly described as the stepping stone into home ownership, those who qualify for the scheme could find themselves initially paying as little as 50 per cent towards the full purchase price of a new home. The remaining Government assisted percentage is repayable when the property sells but buyers can choose to make repayments at any time if their financial situation improves.

First time buyers and key workers could qualify for this scheme and the onus is on local HomeBuy agents to assess the eligibility of any potential candidates. If an application is successful, the agent will calculate the percentage of Government assistance, which could be up to 50 per cent of the price of a property, leaving the buyer to fund the remaining percentage through a cash deposit and mortgage. The HomeBuy Agent is also responsible for ensuring that buyers maximise their mortgage while having regard for the overall affordability of the repayments.

James Poynor, Sales Director for Barratt North Midlands comments “The First Time Buyer Initiative is a fantastic scheme designed to help wannabe home owners get onto the first rung of the property ladder by making the buying process as affordable as possible.

“Eligible candidates could find themselves owning a brand new home for as little as 50 per cent of the purchase price meaning home ownership can become a reality at Friars Park for an unbelievable £47,998.

“Friars Park is one of just two developments within our region offering FTBI and there is currently a selection of two- bedroom apartments available to buy on this scheme.

“So if you’re a key worker or potential first time buyer, why not come and find out more about FTBI and how it could help make your dream of home ownership a reality.”

Friars Park is situated on Mansfield Road in Edwinstowe and offers homebuyers a selection of two- bedroom apartments as well as one five- bedroom house.

Prices at the development start from £80,995 for a one- bedroom apartment.

To find out more log on to Barratthomes.co.uk.