Government scheme saves the day at Fieldways

The government’s HomeBuy Direct shared equity scheme saved the day for one couple hoping to move to Barratt’s Fieldways development in Paulton, Bristol.

Thanks to the scheme, Kimberley Niemand (28) and husband Philip (33) were able to secure a brand new three-bedroom house at Fieldways for 75 per cent of the asking price.

“We relocated from Wales when Philip got a job as the director of a local conference centre and saw details of the HomeBuy Direct scheme at Fieldways on the Internet,” explained Kimberley.

“It’s an excellent incentive as eligible buyers receive an equity loan of up to 30 per cent, jointly funded by Barratt and the Government’s Homes and Communities Agency, and this makes new homes much more affordable,” she continued.

“We’re so glad our application was accepted as we have a young daughter and another baby on the way and we’re really happy with our new family home. It’s lovely and spacious, and Fieldways is in a really nice area. Philip only has a 10-minute journey to work, so everything has worked out really well,” she concluded.

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. Developments in the Barratt Bristol area with HomeBuy properties throughout the region.

Barratt Bristol 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 and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – 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.

Current availability at Fieldways includes two three-bedroom houses priced from £187,000, and HomeBuy Direct is available on both.

The village of Paulton lies close to the market town of Midsomer Norton and the former coal-mining town of Radstock. The A37 and A39 provide easy links to the thriving cities of Bristol and Bath.

For further details call the Fieldways sales office, visit barratthomes.co.uk.