Bridge the gap with Barratt

Housebuilder Barratt could help hundreds of people get onto the property ladder with a brand new Government-backed scheme aimed at bridging the increasing gap between house prices and salaries.

"MyChoiceHomeBuy" is great news for first-time buyers and key workers or anyone with an annual household income of less than £60,000. Under the scheme they will be able to receive as much as 50 per-cent of the property price as a loan. This could amount to as much as £140,000.

An example of how MyChoiceHomeBuy could make home ownership affordable is that under the scheme a single person with an income of £30,000 could afford a property worth £250,000 by obtaining a mortgage on just £120,000. They would need a savings contribution of £5,000 and MyChoiceHomeBuy would make up the other £125,000.

Homebuyers can pay off the loan in steps or in total depending on what they can afford, after they have lived in the house for a year. The price will be based on the value of the property at the time they want to repay the loan (in part or full) - whether that is more or less than when they originally bought.

Buyers will pay a small monthly fee on the loan which is capped at 1.75 per-cent for the first year so that payments are manageable and predictable.

This special scheme is only available on a selected number of Barratt developments - one of these is Ellesmere Grange which has an enviable location, within an easy walk of Shrewsbury town centre.

Properties are selling fast. 128 homes will be built at Ellesmere Grange and designs will include three-bedroom terraced homes and three-storey townhouses. There will also be a range of luxury two bedroom apartments, many of them in a crescent location at the front of the development.

Three-bedroom Palmerston and Maidstone designs are proving popular with first-time buyers and both offer spacious, designer breakfast kitchens and the master bedroom in the Maidstone has an en-suite shower room. A mid-terrace Palmerston is currently priced from £169,300, while a mid Maidstone is £179,600. Barratt will pay your five per-cent deposit on these properties.

Three-storey Kentmere properties are also available on the development, priced from £215,750 and the three-storey Norbury mid-townhouse is currently £215,350 and again Barratt will pay your five per-cent deposit.

The development is open Thursday to Monday between 11am and 6pm. For more information, visit Barratthomes.co.uk.