New initiative gets buyers moving in Havant

Thanks to a major new Government initiative, buyers can now move into a brand new home for just 70 per cent of the purchase price at Barratt’s Staunton Place development in Havant.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Mark Docherty, Barratt sales director, said: “At Staunton Place, current availability includes a two-bedroom apartment priced at £100,000. With HomeBuy, buyers would only need to secure a mortgage for £70,000.

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to Staunton Place, developments in the south with HomeBuy properties include Citigait in Portsmouth, Lakeside in Eastleigh and Hawthorn Meadows on the Isle of Wight.

Mark continued: “People who have been priced out of the housing market for years see this is an outstanding opportunity to buy a new, lower 2009 priced home. The 30 per cent equity loan from Barratt and the government means that, in many cases, they don’t even need to have a deposit.”

Sir Bob Kerslake, Chief Executive of the Homes and Communities Agency, said: “In the current climate it’s important that we help a range of people 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.”

The scheme is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply.

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.

For further information about Barratt’s HomeBuy Direct scheme log on to barratt.co.uk/homebuydirect.