HomeBuy Direct gets young physio on the ladder

A new Government scheme which is being offered by housebuilder Barratt West Midlands called HomeBuy Direct has recently helped first-time buyer Jessica Morris onto the property ladder at the firm’s Canal Walk development on Halesowen Road in Netherton.

HomeBuy Direct is a popular scheme which allows eligible purchasers to move into a brand new home for just 70 per cent of the price. It is thanks to this initiative that 23 year old Jessica has found that she was able to afford a home of her own sooner rather than later.

Physiotherapist Jessica was previously living in her parent’s home in Stourbridge, but with little in the way of a deposit saved, she thought it would be years before she could afford a home of her very own.

Jessica, who purchased a two-bedroom Langley style apartment explained, “I was keen to move out of my family home and have some space of my own, however with no deposit saved I really wasn’t sure that I would be able to afford anything on the market.

“Initially I was looking at a range of new and old properties, but with a range of incentives available, a new build home seemed like a good choice for me. Although I viewed several properties in the region, nothing offered me exactly what I wanted, until I came across the homes at Canal Walk.

“Helen the sales negotiator at Canal Walk completely understood my position as a first-time buyer and immediately suggested the HomeBuy Direct scheme. It allowed me to receive a 30 per cent loan on the value of my new home meaning that there was no need for a deposit, which suited my needs perfectly.

“Although it seemed complicated at first, the whole process was actually very easy and Helen was always on hand to offer advice and negotiate on my behalf. Plus because I used Barratt’s recommended mortgage advisor and solicitor the whole process was made much easier and quicker than if I had found these myself.

“I am so pleased with my new home and would recommend HomeBuy Direct to anyone in my position as it really has enabled me to buy a home of my own when I might not have been otherwise able to.”

Graydon Worthing, Sales Director for Barratt West Midlands commented, “HomeBuy Direct is a great scheme for a range of purchasers, not just first-time buyers. For example key workers and those who have previously owned a home but are now unable to do so, such as when a relationship has broken down.

“Not only will the 30 per cent loan reduce the initial mortgage repayments, but it also means that there is no need for a deposit, which can be real help for many buyers wanting to get onto the property ladder, such as Jessica. It is great to hear that we have been able to help Jessica buy the home of her dreams and wish her the best of luck in her new apartment.”

Paul Spooner, Regional Director for the West Midlands division of the Homes and Communities Agency, 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.”

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

Canal Walk is situated on a no-through road alongside the banks of the Dudley Canal offering an abundance of wildlife and rural pathways. The development is located close to many amenities such as local shops and supermarkets, children’s play areas and sporting facilities. Dudley town centre is just a mile away from Canal Walk and just 11 miles from Birmingham via the nearby M5.

The Langley style two-bedroom apartment comprises spacious living and dining room, separate kitchen, en-suite to the bathroom and a further double bedroom.

Canal Walk offers a selection of two-bedroom apartments, two-bedroom coachouses and three-bedroom houses. Prices range from £107,950 to £167,500.

For more information log on to barratthomes.co.uk/canalwalk.