Barratt offers HomeBuy Direct at more locations

There is good news for North East homebuyers with the announcement that Barratt has had extra developments approved for the Government-backed HomeBuy Direct scheme, which enables buyers to move into a new home for just 70 per cent of the price.

The homebuilder can now offer the scheme at six more developments in the region, bringing the total to ten.

Barratt now has new homes available through HomeBuy Direct in Newbiggin-by-the-Sea, Hebburn, Blackhall Rocks, Consett, Kirk Merrington, Sacriston, Wingate, Middlesbrough, Stockton and Thornaby.

Buyers could move into a new 2-bedroom home, for example, with a mortgage of only £73,850, a 3-bedroom home from £88,550, or a 4-bedroom home from £119,000.

Steve Mariner, sales manager at Barratt North East, said: “We are delighted to have more developments approved for HomeBuy Direct. We have had a tremendous response since the scheme was launched earlier this year, with more than 600 prospective homebuyers registering an interest.

“This 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. In many cases buyers don’t even need to have a deposit.”

He added: “I’d urge anyone who is interested to get in touch straight away. All these homes have to be sold within the next few months.”

The HomeBuy Direct 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.

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, visit barratthomes.co.uk/homebuydirect.