North East house-hunters take advantage of new Government scheme

More than 350 prospective North East homebuyers have now registered for the new HomeBuy Direct scheme backed by Barratt and the Government, which enables them to move into a new home for just 70 per cent of the price.

Barratt is backing the initiative with 3,000 homes nationwide, including 68 in the region at Consett, Durham, Hebburn and Middlesbrough.

Steve Mariner, sales manager at Barratt North East, said: “We have had a tremendous response to the scheme, which shows the enormous demand for new homes here.

“People who have been priced out of the market for years can see this is an outstanding opportunity to buy.

“Homebuyers taking advantage receive a 30 per cent equity loan funded jointly by Barratt and the Government, meaning only a 70 per cent mortgage is required.

“The equity loan means that in many cases they don’t even need to have a deposit.”

Barratt North East has a selection of homes available through HomeBuy Direct at:

• Fellview, Consett
• The Hawthorns, Hebburn
• Beechwood, Sacriston
• Parkside Gardens, Middlesbrough

You could move into a new 2-bedroom home, for example, with a mortgage of only £82,595, a 3-bedroom home from £90,995, or a 4-bedroom home from £126,350.

The scheme is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – for example, where relationships have broken down – can also apply.

Households eligible for the scheme will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.

Buyers will be protected against possible falls in property values up to 30 per cent as the Barratt/Government equity loan will absorb price risk. There is no interest to pay on the loan for the first five years, although a small fee will be charged from year six onwards.

For further details, log on to barratthomes.co.uk/homebuydirect.