New scheme sparks electrician’s interest

Electrician Adam Chaplin, 21, heard about the new HomeBuy Direct shared equity scheme while working on a Barratt development in Bristol. Now, he and partner Lauren Noble, 19, are about to move into a brand new Barratt home of their own.

“I was working for one of Barratt’s subcontractors at The Zone in the centre of Bristol when I saw the advert for HomeBuy Direct,” said Adam, who currently lives with his parents in Lockleaze.

“The scheme is perfect for people who want to get on the property ladder,” he continued. “We only had to find 70 per cent of the purchase price ourselves. The other 30 per cent was funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Adam and Lauren, who works for an insurance company, were keen to move to The Meadows, Barratt’s new development near Siston Village. Although the site enjoys a rural location, it is close to the Avon Ring Road, which provides easy access to central Bristol and all its amenities.

“Our application was accepted and everything has gone really smoothly,” Adam continued. “We’ve bought a two-bedroom Windsor style apartment and we’ll be moving in at the end of June.

“Our new home is great. It’s on the first floor and we have a lounge, separate kitchen/diner, bathroom, two double bedrooms and the parking space outside is convenient.

“The Meadows is in a really nice area and, as the ring road is close by, we can get to the supermarket and other shops very quickly,” Adam added.

Homes allocated to HomeBuy Direct are selling quickly at The Meadows, but some are still available through the scheme. These include a two bedroom apartment available from £139,995, three-bedroom terraced houses priced from £214,995 and a four-bedroom townhouse priced at £229,995.

Barratt sales director Louise Ware comments: “For people who have been priced out of the housing market for years, HomeBuy Direct offers an outstanding opportunity to buy a home at today’s lower prices. The 30 per cent equity loan means that, in many cases, they don’t even need to have a deposit.

“The scheme is open to first time buyers, key workers, people with growing families and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – can also apply.”

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

There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards.

Buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a proportionate share of the sale proceeds.

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to The Meadows, the scheme is also available at The Zone in Bristol city centre and Fieldways in Paulton.

Availability is limited. For further details on this exciting initiative, log on to Barratthomes.co.uk.