First time buyer initiative proves huge success with Barratt

Barratt North Midlands changed the fortunes of a number of first time buyers across Nottingham, Derby and Mansfield last week after a hugely successful first time buyer's event resulted in over ten sales across three developments. Set up to explain the benefits of the First Time Buyers' Initiative (FTBI) run by national regeneration agency English Partnership's, the event was held across three developments in the region: Barratt's Park Mews development in Arnold, City Point in Derby and Friars Park in Edwinstowe.

Sales director for Barratt North Midlands, James Poynor, explains: "This scheme is a win-win situation for first time buyers as they can own their entire home for only 50 per cent of the cost, whilst English Partnerships cover payment of the remaining amount. It makes things easier for prospective purchasers by ensuring that they can make the move without stretching their finances too far and means that there really is no better time to buy. As a result, the event was hugely successful - at one point visitors were queuing to see our mortgage advisor and find out more!"

And the event proved a real family occasion too. James comments: "We found that many young purchasers wanted to bring their families along to listen to the advice and see the homes we had available. It was a great reward for us to see how the FTBI is really helping young people take that first step onto the property ladder. And there are still homes available through the scheme, so any interested first time buyers should act now to make their dream a reality too."

The FTBI is part of the Government's HomeBuy low-cost home-ownership scheme, and enables first time buyers to purchase a new build home with an affordable mortgage and government assistance. The buyer must take out an affordable mortgage, which along with any deposit and legal fees, must make-up a minimum of 50 percent of the full purchase price. English Partnerships contributes the remainder via a direct payment to the developer.

Duncan Innes, the English Partnerships director responsible for FTBI explains: "We are offering a golden opportunity for local people who have been priced out of the property market. By reserving affordable new homes exclusively for first time buyers, English Partnerships aims to help as many people as possible to take their first steps towards full home ownership."

Park Mews

Located in one of Nottingham's most popular suburbs, with a thriving community and an abundance of shops, supermarkets, bars and restaurants, Park Mews offers discerning homebuyers a desirable lifestyle in a convenient setting close to both the city centre and within easy reach of the M1 motorway.

Two bedroom apartments with master bedroom complete with ensuite are available from just £99,995, meaning buyers on the FTBI would require a mortgage for just £49,998*.

City Point

Conveniently situated close to the city centre and the motorway network, City Point will create one of the most exciting new residential developments in Derby. Two bedroom apartments are available on the FTBI from just £99,995, meaning buyers would require a mortgage for just £49,998*. Three and four bedroom homes are also available from £144,995 to £219,995.

Friars Park

Finally, Friars Park in Edwinstowe is a brand new development offering home buyers the opportunity to live a semi-rural lifestyle with excellent access to all major commercial centres in the region. A selection of stunning two bedroom apartments are available on the FTBI scheme priced from just £99,995, meaning buyers on the FTBI would require a mortgage for just £49,998*. Four and five bedroom homes are also available from £176,996 to £339,995.

For more information on the FTBI offer or for more details about the homes available, log on to Barratthomes.co.uk.

*Not all applicants will qualify for the full 50 per cent contribution from English Partnerships.