First time buyers get on the ladder at H20
Chris Atkinson (26) and Dawn Hughes (23) are the proud new owners of a one-bedroom apartment at H20 in Eastbourne, a new development on Susans Road by Barratt Southern Counties, thanks to one of the housebuilder’s schemes that helps first time buyers to get on the property ladder.Chris and Dawn had been looking to buy their own place for a long time when Barratt started to build H20 less than half a mile down the road from where they had been renting.
They were paying £585 per month in rent for a one-bedroom maisonette and were concerned about how they were going to be able to save enough cash to buy their own place.
Thanks to Barratt, they were able to purchase a stylish new one-bedroom apartment without a deposit and their mortgage repayments are now roughly the same as they were previously paying, at just £617 per month. For just £30 more a month they can now relax knowing they are investing in their own future rather than someone else’s.
Chris said: “We had been trying to buy somewhere together for ages but our lack of deposit was proving to be a real problem. Barratt really helped us out. We were fed up with renting and when we found out we could own somewhere for almost the same cost as renting, we couldn’t believe our luck!”
Chris and Dawn purchased their one-bedroom apartment for £128,000, and only needed to find a mortgage for £96,000 as the 25% loan from Barratt acted as their deposit.
The housebuilder is currently offering the Government’s new ‘HomeBuy Direct’ scheme at H20, giving homebuyers the chance to move in for only 70 per cent of the purchase price. Barratt will match the Government’s funding pound for pound in the new venture to provide an equity loan to the homebuyer of up to 30 per cent. The buyer finances the remaining 70 per cent either through a mortgage, a deposit or a combination of the two. 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.
Dawn said: “We only had to put down £500 to secure the apartment and cover some of the legal fees. First time buyer schemes like the one we used definitely help young people who want to buy rather than rent, especially when the current economic climate means that lenders are demanding such large deposits.”
The couple were particularly attracted to their new apartment because of the large open-plan kitchen and living area.
“We love our kitchen, it is so spacious and has so much storage. It’s great for Dawn as she loves baking and has a huge array of baking trays and pans! We had our housewarming last week and the space was ideal for entertaining,” says Chris.
Dawn, a fashion store supervisor in Eastbourne, can walk to work from their apartment and Chris, a senior computer engineer, is only a five minute bicycle ride away from his office.
“The location is fantastic, both the town centre and the sea front are only 200 yards from the development. We hardly have to use our car so not only does this keep the cost down for us but we are also living in a more eco-friendly way!”
Susans Road is located in the exclusive Meads Conservation area of Eastbourne. The beach is a few minutes’ walk away and at its eastern end, a modern, locked marina is one of the largest along the South Coast. Communications by road, along the coast to Newhaven Ferry terminal, inland to Gatwick airport, and up to London are very good. A regular train service brings Brighton within 30 minutes reach, whilst London is approximately 90 minutes away.
HomeBuy Direct is open to first time buyers, key workers and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – can also apply.
The apartments at H20 are selling fast and prospective purchasers are encouraged to visit the development as soon as possible. Prices at H20, Susans Road, Eastbourne, East Sussex, BN21 3HA currently start from £99,995.
For more information, visit barratthomes.co.uk.
