Equity share – A loan that won’t cost

Home hunters can achieve chic living for under £75k at Barratt Mercia’s Churchill Park development in Stoke, where the last apartment is available under the housebuilder’s Dream Start scheme for 75 per cent of the price.

The Troydale one-bedroom apartment is priced at £99,950, but with the equity share deal can be purchased for £74,962. Barratt covers the remaining 25 per cent with an interest free deferred loan for 10 years, which means that at no extra cost the buyer can start out on the property ladder with a smaller mortgage and sit out the crunch in the confidence that their monthly outgoings are lower.

What is more, with Dream Start homebuyers have the confidence that the interest free loan is with a private company rather than a financial institution, and is a quicker process than other equity share schemes jointly funded with the Government.

This last remaining one-bedroom Troydale property has a light and airy open plan living space incorporating a dining, lounge and fully fitted kitchen with contemporary units. There is a spacious double bedroom and a colour co-ordinated bathroom, plus an allocated parking space outside.

Chris Ashmore, Sales Director for Barratt Mercia, said, “With our 75:25 Dream Start deal, homehunters have a great chance to get onto the property ladder. The best thing is that the 10 year deferred loan is interest free, so purchasers don’t have the worry of extra costs when it is repayable – they can relax in the knowledge that when it really matters their mortgage is lower and their monthly outgoings are more manageable.

“Aside from this last Troydale, there are just two remaining three-bedroom three-storey homes available ready to move into at the development priced from £186,450. These are the last few at the first phase of Churchill Park, but potential buyers should watch this space for more homes becoming available on the second phase of the build.”

Churchill Park is a fantastic development in Burslem, with its excellent local amenities, within easy reach of Stoke city centre, Hanley and the A500. For further information, visit barratthomes.co.uk/churchillpark.