Success for first time buyers at Par Mews

Barratt North Midlands has helped no less than 16 first time buyers get onto the property ladder at its Park Mews development in Arnold thanks to the First Time Buyers 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.

This deal was made available to first time buyers and key workers who purchased any of the two- bedroom apartments at the development on Gedling Road and with the full price being just £88,000, these stylish properties made ideal starter homes.

“The FTBI has proven extremely popular at Park Mews and we are thrilled to have been able to help no less than 16 first time buyers make the move into home ownership with it.” comments James Poynor, Sales Director at Barratt North Midlands.

“As a company, we’re committed to helping potential homeowners get a foot on the property ladder and through our own shared equity deals, as well as Government funded ones like FTBI, we’re helping more and more buyers make the dream of home ownership a reality.”

Buyers who took advantage of the FTBI at Park Mews have received financial assistance ranging between 25 and 50 per cent of the full purchase price, which means some buyers purchased an apartment for initially just £44,000.

James adds “Payment deferral schemes like FTBI are proving a lifeline for those having issues with affordability or are having problems saving for a deposit. Thanks to its straight forward and easy application process, FTBI is top of the list of Government assisted schemes and we hope it continues to prove as popular at our other developments where we offer it.”

Park Mews has now sold but Barratt currently has one other development in Nottinghamshire that offers the FTBI, Friars Park in Edwinstowe.

To find out more about Friars Park see barratthomes.co.uk.