Barratt offers more homes under Government funding scheme

Barratt has been awarded additional funding at its Fieldways development in Paulton which means it can offer more new homes under the Government’s HomeBuy Direct scheme.

Housing Minister John Healey has given the go ahead for £10m of funding for 10 developments around the country to complete 740 new homes. The award is part of the Prime Minister’s Housing Pledge to build the homes the country needs, help the country through recession and help people into jobs.

At Fieldways the scheme has been a huge success and this funding means an additional 10 homes are now to be offered under HomeBuy Direct and made available to people who would otherwise be unable to afford a new home of their own.

The funding is part of the government’s £1million Kickstart scheme and Barratt sales director Andrea Pilgrim said the news was a welcome boost for those looking for a new home in the Paulton area.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

The scheme is open to First Time Buyers, key workers and others who are currently renting.

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

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 share of the sale proceeds.

Fieldways is located in Church Street in the village of Paulton and offers a selection of one and two-bedroom apartments and two, three and four-bedroom houses. Local amenities include supermarkets, a library, schools and pubs.

The village is 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 visit the Fieldways sales office, open from 11am to 6pm Thursday to Monday, or log onto the website at barratthomes.co.uk.