Barratt introduce new initiative for buyers

Housebuilder, 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 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 Sunningdale Park; Barratt Chester's best-selling site at Hale Bank. Three-bedroom homes at Sunningdale Park are on the market from £137,150 and there are some fantastic apartments now available. A one-bedroom apartment is priced at £98,250 while a two-bedroom apartment is currently £111,050.

The development is located on the site of a former Asda superstore close to the centre of Halebank, approximately two miles from Widnes town centre. It's just a short drive from the A562 Speke Road and the Runcorn Bridge with easy access to both the M62 to the north and the M56 to the south. The nearest train station is about two miles to the north and is positioned on the Manchester to Liverpool line. Warrington and Liverpool are both within a 20 minute drive.

Sunningdale Park is open seven days a week from 11am to 6pm.

To find out more about the MyChoiceHomeBuy Scheme or properties on Sunningdale Park, visit Barratthomes.co.uk.