Stunning new show homes at Festival
Three stunning show homes are now open at Festival, Barratt’s popular development in Bridgwater, where buyers can take advantage of two shared equity schemes to get a foot on the property ladder.“We have just opened our Maidstone show home and visitors can also view two Spinnaker show apartments,” reports Louise Terry, Barratt sales manager.
“The Maidstone is a three-bedroom terrace house with parking and boasts a stylish decor, with a black, white and yellow colour scheme. The interior offers a hallway, downstairs cloakroom, lounge, kitchen/diner, family bathroom and en-suite master bedroom.
“This style of home has an asking price of £151,500 but it is available for just £128,775 with our Head Start scheme,” she added. “With Head Start, first-time buyers secure a mortgage for 85 per cent of the total property price and Barratt finances the remaining 15 per cent for up to 10 years – it’s a great incentive for someone new to the property market.
“Our Spinnaker view apartments boast a very modern design,” Louise continued. “One has a striking glass wall feature in the lounge and the other has a balcony, and both are decorated in neutral shades with pink or green accessories. Each offers an open-plan lounge/diner/kitchen, two double bedrooms, en-suite and bathroom.
“Prices for the Spinnaker apartments start from £125,000, but they can be bought for as little as £87,500 through the Government’s HomeBuy Direct scheme.
“With Home Buy Direct, eligible homebuyers only have to pay 70 per cent of the purchase price. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA),” Louise continued.
“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 can also apply,” she concluded.
Households eligible for HomeBuy Direct 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.
A select development of apartments and houses, Festival is located in a prime position just a short walk from the centre of Bridgwater and there is a canal and tow path close to the site. The town has recently been the focus of regeneration and offers a variety of shops and amenities.
Nearby towns include Taunton, Weston and Street, with its famous Clarks’ Shopping Village. Commuting is easy as the M5 motorway offers speedy access to Bristol, Taunton and Exeter.
For further details visit or contact the Festival sales office, open seven days a week from 11am to 6pm, or log onto Barratthomes.co.uk.
