Buying made possible with Barratt

If you're renting a flat or a house, you already know that when you move out you've will have nothing to show for all the money you've handed over to your landlord.

Renting has always been the option if you can't afford to buy. But at Barratt Chester's Trafalgar View development, on the edge of Liverpool city centre, you can own your own property with monthly mortgage payments which are almost certainly lower than a monthly rent.

Thanks to a deal between Barratt and English Partnerships (EP), first-time buyers can take out a mortgage for a minimum of 50% of the value of their new home, the remaining 50% will be contributed by the Government agency, English Partnership (EP). At current prices this means that you would only be paying £56,575 for a one-bedroom apartment and £62,225 for a two-bedroom apartment.

During the first three years there will be nothing to pay on the EP contribution. After that buyers will pay back one per-cent a year, rising to a maximum of three per-cent after five years.

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

Sixty per-cent of the funding has now been allocated and several more applications are being reviewed, so Barratt Chester's Sales Manager Lee Bowers recommends anyone who is interested to act quickly: "This scheme has been very popular. It appeals to people who thought that renting was their only option. They now find that they are in a position to buy their own home. It is a limited offer though, so anyone who likes the sound of it should contact us as soon as they can, before all the funds have been allocated."

Three-bedroom Palmerston homes at Trafalgar View are on the market from £146,800 and a three-bedroom Maidstone design with en-suite facilities to the master bedroom is currently priced at £158,350.

To find out more, visit Barrattdevelopments.co.uk.