Bridge the gap with Barratt

House builder Barratt could help hundreds of people get onto the property ladder with a brand new Government-backed scheme, aimed at bridging the increasing gap between house prices and salaries.

"MyChoiceHomeBuy" is a new initiative for first-time buyers or anyone with an annual household income amounting to less than £60,000. Under the scheme buyers will be able to receive as much as 50 per-cent of the property sale price as a loan. This could amount to as much as £140,000.

An example of how MyChoiceHomeBuy could make home ownership affordable is that under the scheme a single person with an income of £30,000 could afford a property worth £250,000. This is possible by obtaining a mortgage on just £120,000. The buyer would need a savings contribution of £5,000 and MyChoiceHomeBuy would make up the other £125,000.

Homebuyers can pay off the loan in stages or with one lump sum, depending on what they can afford and after they have lived in the house for a year. The loan amount will be based on the value of the property at the time they want to repay the loan (in part or full) - regardless if that is more or less than when they originally purchased the property. Buyers will also pay a small monthly fee on the loan which is capped at 1.75 per-cent for the first year so that payments are manageable and predictable.

This scheme is limited to a number of selected Barratt developments, including the division's flagship site in Westhoughton - Summer Fields. On this development there are some great deals for househunters; a one bedroom apartment is currently priced at £109,100 and a two-bedroom apartment is on the market at £125,100. And Barratt will pay your five per-cent deposit.

There are a select few houses still available on this award-winning development - such as the popular three-bedroom Maidstone semi which has a spacious breakfast kitchen with patio doors and the master bedroom has an en-suite shower room. A Maidstone semi is currently on the market priced at £195,950.

Luxury three-storey properties give you great views over the development. The three-storey Kentmere semi detached property with a garage is currently priced at £221,250.

On selected properties Barratt are offering a full value part exchange on your current property. This means that you don't need to have sold your current home before you can start looking for a brand new one. You needn't involve estate agents either - just contact Barratt and you'll get a decision within days.

Summer Fields is situated on the outskirts of Westhoughton, close to open countryside and approximately a half mile from the M61 motorway. The area offers a good range of schools, shops, sporting and other local amenities.

To find out more about the MyChoiceHomeBuy scheme and about properties and deals available at Summer Fields, visit Barratthomes.co.uk.