Get a foot on Warwickshire’s property ladder

Thanks to a new Government scheme being offered by housebuilder Barratt Mercia, called ‘MyChoiceHomeBuy', homebuyers could buy a brand new Barratt home for up to 50 per cent less than the market value at its new home developments throughout Warwickshire.

This initiative is being offered by Barratt to first-time buyers and key workers who could not otherwise afford to buy a suitable sized home for their needs. It means that eligible purchasers, who are earning between £15,000 and £60,000, could receive up to a 50 per cent equity loan towards purchasing a home of their choice on the open market, making the dream of home ownership a reality.

Chris Ashmore, Sales Director for Barratt explained, "It can sometimes be a real struggle for first-time buyers to take the step towards homeownership, which is exactly why this scheme has been developed. By offering an equity loan of up to 50 per cent of a property's market value, homebuyers could reduce the size of their monthly repayments and ultimately be able to afford to buy their own home, when it may otherwise have been impossible.

"What's more, by taking advantage of this scheme, homebuyers will not need a deposit which is ideal for those who haven't much in the way of savings. So why not visit one of our developments in Warwickshire today and see if we can help you to make the dream of homeownership a reality."

This equity loan for MyChoiceHomeBuy is provided by the government and the amount homebuyers receive will depend on the mortgage they can afford, but it could be up to as much as £140,000. Homebuyers pay a small monthly fee on the MyChoiceHomeBuy equity which is capped at 1.75 per cent for the first year and is then index linked so the repayments are manageable and predictable.

After homebuyers have lived in the property for one year they can continue to pay the equity off in steps, or in total, depending on what they can afford.

The price of repaying the equity percentage bought with MyChoiceHomeBuy will be based on the value of the home at the time they want to repay the equity loan, whether that is more or less than when they originally bought the property.

MyChoiceHomeBuy is currently available at the following Barratt developments throughout Warwickshire:

Parkside
Addison Road
Rugby
CV22 7DA

Regency Gardens is open Thursday to Monday 10.30am to 5.30pm nearby The Leys development. Just two homes remain at Parkside, one two-bedroom apartment priced at £142,500 and one three-bedroom houses priced from £175,950.

Park View
Woodway Lane
Coventry
CV2 2LW

Park View is a development of one- and two-bedroom apartments. Prices start from £107,950.

Brookfields
Watery Lane
Keresley
Coventry
CV6 2GF

The one bedroom coach house is priced at £148,100 and prices for the three-bedroom homes start from £196,100.

For more information, log on to Barratthomes.co.uk.