Make the move into home ownership

Prospective first time buyers priced out of the housing market will find a helping hand towards making that first step at Barratt North Midlands’ Friars Park development where they may be able to take advantage of 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 steeping 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 quality 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 comments “The First Time Buyer Initiative is a fantastic scheme designed to assist aspiring home owners make the move into home ownership by making the buying process as affordable as possible.

“Eligible candidates could find themselves with Government assistance worth up to 50 per cent of the purchase price, so with that in mind, home ownership can become a reality at Friars Park for an unbelievable £47,497.

“Friars Park is one of a limited number of developments offering FTBI and we currently have just 13 two- bedroom apartments available 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 assist you in purchasing your first home.”

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 £94,995.

For more information, log on to Barratthomes.co.uk.