Barratt offers first time buyers initiative in Bristol

Barratt is offering first time buyers a host of incentives to get onto the housing ladder this Autumn - with two of its Bristol developments offering the First Time Buyers Initiative. Homes at Bath Court in Thornbury and The Zone in the centre of the city are being offered under this initiative between Barratt and government agency English Partnerships.

Under the scheme key workers and other eligible groups can purchase a new homes with an affordable mortgage, government assistance and prices from less than £100,000.

Barratt sales director Andrea Pilgrim said: "The FTBI, part of the government's new ‘HomeBuy' low-cost home-ownership scheme, is aimed at key workers and especially designed to make first time buying more affordable".

"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."

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."

At Bath Court apartments are available under the scheme have two bedroom accommodation and the Thornbury location is proving popular with buyers who like the location and the easy motorway access.

The Zone in Bristol is part of a massive redevelopment of the Temple Quarter area and city living at its best.

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