First timers invited to buy for £90,000

First-time buyers struggling to get onto the housing ladder in the market town of Thornbury have been snapping up the opportunity for a helping hand, thanks to a joint initiative by Barratt and government agency English Partnerships.

Bath Court, Barratt's new development in the town, has been awarded funding under the First-Time Buyers' Initiative (FTBI), which is part of the government's new ‘HomeBuy' low cost ownership scheme and means buyers can purchase here for just £90,000.

Barratt sales manager Andrea Pilgrim said: "This is a terrific initiative for first-time buyers struggling to get onto the housing ladder. We've already sold almost half of the apartments included in the scheme and we are delighted to be able to offer this facility at Bath Court."

The initiative applies to 10 two-bedroom apartments at Bath Court. It allows eligible first-time buyers to take out a mortgage for a minimum of 50 per cent of the value of their new home, with English Partnerships (EP) contributing the remaining 50 per cent.

There is no time limit on when buyers must repay the total contribution. If and when they sell their home, EP recovers its share of the property through a proportion of the sales proceeds, which buyers can reduce by making additional payments earlier.

Prices for the two-bedroom apartments range from £179,995 to £190,995 and first-time buyers must apply to be considered for the government initiative.

"Those who meet the criteria will be able to select a new home at Bath Court, pay a deposit and arrange the ‘maximum affordable' mortgage for up to 50 per cent of the property's cost through a participating bank or building society," Andrea continued. "English Partnerships will then contribute the remainder of the funds."

When complete, Bath Court will offer 67 brand new apartments and houses in the heart of Thornbury. The development's location - close to the motorway network and Bristol city centre - makes it ideal for buyers looking for easy access to the region's business, shopping and leisure attractions.

For further details of the First-Time Buyer Initiative programme, log onto Barratthomes.co.uk.