Options for buyers with little or no deposit

HomeBuy Direct is a fantastic new scheme supported by Barratt Eastern Counties and the Government which enables buyers to move into a new home at Ringland Park in Costessey for just 70 per cent of the purchase price.

Homebuyers taking advantage of it can receive an equity loan of up to 30 per cent, funded jointly by Barratt and the Government. The buyer then finances the remaining 70 per cent of the purchase price either through a mortgage, a deposit or a combination of the two.

There is no interest to pay on the joint Barratt/Government equity stake for the first five years, although a fee will be charged from year six onwards.

The scheme is available on a selection of three and four-bedroom houses in the latest phases at Ringland Park, part of Queen’s Hills, a superb new development set in 86 acres of parkland, just five miles from Norwich.

There are several house designs to choose from with prices starting from £179,995, which means that purchasers could own a new three-bedroom home at Ringland Park for as little as £125,996.

Rebecca Littler, sales director of Barratt Eastern Counties, said: “This is a great scheme for those with little or no deposit, or for growing families needing some extra space. I would encourage anyone who thinks they can’t afford to buy their own home to visit Ringland Park on our HomeBuy Direct Day on Saturday 13th June.

“We know shared equity schemes can seem confusing, so this is the perfect opportunity for homebuyers to speak to our expert sales team and independent financial advisors, who will be on hand to answer any queries.”

Households eligible to take advantage of the offer will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. 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 the property is sold, the equity loan is repaid by way of a share of the sale proceeds.

It’s not just First Time Buyers and Key Workers who can benefit. People who have previously owned properties but are now unable to do so – for example, in cases where relationships have broken down – can also apply.

Transport links at Ringland Park are excellent. A bus service runs every 15 minutes linking Queen’s Hills with Norwich city centre. Norwich Station has a regular service to Ipswich in 40 minutes and to London’s Liverpool Street in around two hours. Norwich International Airport is a 15 minute drive away.

Queen’s Hills has a great community atmosphere and is developing into a true village, with plans for village shops, a community hall, children’s play area, recreational area and football pitches. The new homes are very close to Queen’s Hills Primary and Nursery School, which opened last September, exclusively for children living in the village, and is proving highly popular.

The new houses at Ringland Park offer a wide variety of styles with distinct features that make each home feel individual. Families can choose from a traditional two-storey house or a contemporary three-storey home, each with its own garden and many with a garage. Interiors provide the option of an open-plan living arrangement, ideal for entertaining, or a separate dining room. Every house is designed to a high specification and carefully thought out to make everyday family living easy and enjoyable.

For more information, visit Barratthomes.co.uk.