Barratt employee buys home through government scheme

Jon Hills (23), a quantity surveyor at Barratt's head office in Bristol, has taken his first step onto the property ladder, thanks to a joint initiative by the award-winning developer and government agency English Partnerships.

Jon bought a two-bedroom apartment at The Zone in Bristol. The development is one of a number of Barratt sites to be awarded funding under the First-Time Buyers' Initiative (FTBI), part of the government's new ‘HomeBuy' low cost ownership scheme.

The initiative allows eligible first-time buyers to take out a mortgage for a minimum of 50 per cent of the value of their new home, with English Partnerships (EP) contributing the remaining 50 per cent.

"It's a great scheme, particularly for younger people who might struggle to get a decent mortgage elsewhere," Jon said. "I heard about it at work and decided to apply. I already had a deposit, and I was able to secure a mortgage with my bank.

"My family and friends are delighted I've been able to buy my first home, particularly at a site as nice as The Zone. It's a modern development in the centre of Bristol and even has its own gym and is close to local bars."

Andrea Pilgrim, Barratt sales manager, added: "The First-Time Buyers' Initiative is a terrific scheme for first-time buyers struggling to get on the housing ladder and we are glad Jon was able to take advantage of it.

"Buyers who meet the scheme criteria can select a new Barratt home, pay a deposit and arrange their mortgage through a participating bank or building society.

"During the first three years, there is nothing to pay on English Partnerships' 50 per cent contribution. After that, buyers pay back one per cent a year, rising to a maximum of three per cent after five years," she continued.

"There's no time limit on when buyers must repay the total contribution. If and when they sell their home, EP recovers its share of the property through a proportion of the sales proceeds, which buyers can reduce by making additional payments earlier."

The Zone in Bristol is part of a massive redevelopment of the Temple Quarter area and offers a selection of one and two-bedroom apartments as well as citi-pads and townhouses. Prices for apartments range from £119,995 to £196,995.

For further details on The Zone, log on to Barratthomes.co.uk.