Barratt Homes promotes HomeBuy Direct in Wellington

Thanks to a major new Government initiative, buyers can now move into a brand new home for just 70 per cent of the purchase price at Barratt’s Cades Farm in Wellington.

And the initiative is not just for first time buyers – families are also welcome and Barratt has a limited number of three bedroom homes currently available under this scheme.

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 key workers and others who are currently renting including those who previously owned a home.

Households eligible 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.

Louse Terry, Barratt sales manager, said: “At Cades Farm, current availability under HomeBuy Direct includes three bedroom homes and we are expecting demand to be high from buyers taking advantage of this scheme.’’

She said that people who have been priced out of the housing market for years see this is an outstanding opportunity to buy a new, lower 2009 priced home. The 30 per cent equity loan from Barratt and the government means that, in some cases, they don’t even need to have a deposit.”

Colin Molton, Homes and Communities Agency regional director for the South West, said: “In the current climate it’s important that we help a range of people find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we’re doing this and it is proving extremely popular.”

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.

Located seven miles west of Taunton, Wellington is a small town standing between the River Tone and the Blackdown Hills. The nearby Wellington Monument, a 175ft column erected to commemorate the Duke of Wellington’s victory at Waterloo, is a prominent local landmark.

In addition to a wealth of local amenities including a sports centre, Wellington enjoys excellent road links. The nearby M5 provides easy access to the cities of Exeter to the south and Bristol to the north.

For further log on to barratthomes.co.uk/cadesfarm.