Get a foot on the ladder with ‘MyChoiceHomeBuy'

Thanks to a new Government scheme which is being offered by housebuilder Barratt West Midlands, called ‘MyChoiceHomeBuy', homebuyers could buy a brand new Barratt home for up to 50 per cent less than the market value at its Scholar's Gate development on School Lane, Stafford.

This initiative is being offered by Barratt to first-time buyers and key workers who could not otherwise afford to buy a suitable sized home for their needs. It means that eligible purchasers, who are earning between £15,000 and £60,000, could receive an equity loan of up to £65,000 towards purchasing a home of their choice on the open market, making the dream of home ownership a reality.

David Child, Sales Director for Barratt explained, "This scheme is a fantastic initiative which has been designed specifically for these purchasers, such as first-time buyers who find it a struggle to take the step towards homeownership. Homebuyers could be offered an equity loan of up to £65,000, which could reduce the size of their mortgage repayments and ultimately mean that they are able to afford their own home, when it may have otherwise been impossible.

"Furthermore, those who take advantage of this scheme will not need a deposit, making it perfect for those buyers who haven't much in the way of savings. So why not visit Scholar's Gate today and see if we can help you to make the dream of homeownership a reality."

This equity loan for MyChoiceHomeBuy is provided by the government and the amount homebuyers receive will depend on the mortgage they can afford, but it could be up to as much as £65,000. Homebuyers pay a small monthly fee on the MyChoiceHomeBuy equity which is capped at 1.75 per cent for the first year and is then index linked so the repayments are manageable and predictable.

After homebuyers have lived in the property for one year they can continue to pay the equity off in steps, or in total, depending on what they can afford.

The price of repaying the equity percentage bought with MyChoiceHomeBuy will be based on the value of the home at the time they want to repay the equity loan, whether that is more or less than when they originally bought the property.

Scholar's Gate comprises two-bedroom apartments and four- and five-bedroom houses. Prices start from £157,950. For more information log on to Barratthomes.co.uk/scholarsgate-westmidlands.