Government funded help for first time buyers

First time buyers are being urged not to miss out on a share of £28 million which Barratt West Midlands has to spend on helping them onto the property ladder.

The money is the Government’s contribution to a special initiative aimed at reducing the cost of homebuying and must be allocated before the end of this year.

“The scheme is called HomeBuy Direct and it dramatically reduces the initial cost of house purchase and improves your chance of owning your own home,” said Graydon Worthing, Sales Director for Barratt West Midlands.

“We currently have around £28 million of Government funding that has to be spent on the initiative this year, so I would advise people to come and talk to us to find out if they are eligible. It doesn’t cost anything and we can answer any queries and help with the paperwork.”

Barratt West Midlands has a selection of homes currently available through HomeBuy Direct at its developments across the West Midlands, which gives buyers the chance to move in for just 70 per cent of the price.

The remainder of the price is jointly funded by Barratt and the Government, through a 30 per cent equity loan, which means that in many cases buyers don’t even need to have a deposit.

The scheme is open to a wide range of people who don’t currently own their own home. Households eligible will be earning less than £60,000.

Barratt developments currently offering the HomeBuy Direct scheme include:

Canal Walk, Netherton
barratthomes.co.uk/canalwalk-westmidlands
Canal Walk offers a selection of three-bedroom homes, with prices starting from £145,500.

Edenside, Wednesbury
barratthomes.co.uk/edenside
Edenside offers two-bedroom apartments and three- and four-bedroom homes, prices range from £99,950 to 207,000.

Merryfields, Brierly Hill
barratthomes.co.uk/merryfields
Merryfields offers two-bedroom apartments and three- and five-bedroom houses, with prices ranging from £99,950 to £249,950.

Monarch’s Gate, Wednesbury
barratthomes.co.uk/monarchgate
Monarch’s Gate offers two-bedroom apartments and three-bedroom homes, prices start from £100,950 to £160,500.

Squires Lock, Willenhall
barratthomes.co.uk/squireslock
Squire’s Lock offers two-bedroom apartments, two-bedroom coachouses and three-bedroom homes. Prices range from £99,950 to £149,950.

Waters Edge, Stourport
barratthomes.co.uk/watersedge
Waters Edge offers one- and two-bedroom apartments and four-bedroom townhouses, prices start from £100,950 to £212,000.

Monarch Fields, Telford
barratthomes.co.uk/monarchfields
Monarch Fields offers three-, four- and five-bedroom homes, with prices starting from £166,950 to £292,500.