Leicestershire family get a foot on the ladder

A family of four from Leicestershire have become the first purchasers to buy a brand new home at Barratt North Midlands’ Regents Park development in Hamilton on the Government’s new HomeBuy Direct Scheme.

Maths teacher Bingley Sibindi and his wife Thoko, along with their children Ryan and Rhianna had been renting a two- bedroom, semi- detached home in the West End of Leicester but with a need for extra space, the family were keen to buy a place of their own.

But with most lendors expecting at least a 20 per cent deposit during the current economic climate, Bingley and Thoko were struggling to save enough money to secure a mortgage so when 39 year old Bingley saw Barratt advertising Home Buy Direct in the National Union of Teachers Magazine, the Teacher, Bingley called the development to find out more.

Bingley comments “I saw the ad for HomeBuy Direct and phoned the sales office straight away who gave me an appointment to go in and learn more about the scheme. Upon visiting the development I was impressed with its location and the quality of the houses and when the sales advisor explained the process in more detail I was keen to fill in the application forms there and then.”

HomeBuy Direct was introduced by the Government in a bid to make the buying process more affordable. On this scheme purchasers can buy a property for initially just 70 per cent of the asking price, Barratt and the Government’s Home and Communities Agency (HCA) will fund the remaining 30 per cent through an equity loan which is interest free for the first five years and payable when the property is sold.

It aims to help more first time buyers, key workers and those living in rented accommodation, get a foot on the property ladder and expanding families with a household income of less than £60,000 may also be eligible for this scheme.

Bingley adds “Eight days after sending off our application forms we received our eligibility letter and I have to say I’ve been impressed by the smoothness and the speed of the process so far.

“Home Buy Direct has made our buying process a lot more affordable. Without it we would have had to have saved for about 12 months to put down a decent deposit so I’m thrilled we’ve been able to take advantage of this great scheme.”

Bingley, Thoko, Ryan and Rhianna are planning on moving into their new home at the end of June.

James Poynor, Sales Director at Barratt North Midlands comments “Bingley, Thoko, Ryan and Rhianna are the first family to purchase a new home on HomeBuy Direct within our division and I’m thrilled we’ve been able to help them get their first foot onto the property ladder.

“It’s a great scheme which is proving popular with those needed some extra assistance in getting their first foot on the property ladder and what better place to enjoy a relaxed family lifestyle than at the family-orientated Regents Park development?

“We’ve allocated 21 homes to HomeBuy Direct at Regents Park and I’m hoping we can help many more prospective homeowners, like the Sibindis, make their dream of home ownership a reality.”

Margaret Allen, HCA regional director for the East Midlands, said “In the current climate it’s important that we help a range of people to 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.”

Home Buy Direct is currently available on selected plots at Barratt’s Stephensons Place in Coalville, Celtic Village in Gateford, The Spires in Chesterfield, Hallam Fields in Ilkeston and Regents Park in Hamilton.

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 – perhaps where relationships have broken down – can also apply.

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.

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.

To find out more about Home Buy Direct or the superb new homes available at Regents Park, visit Barratthomes.co.uk.