Keyworker signs up for HomeBuy Direct in Cheltenham

Local keyworker Sally Taylor has become the first person in the country to sign up for a new home through the government’s HomeBuy Direct scheme with Barratt. Sally, 25, is set to move into her new two bedroom apartment at Equinox in Cheltenham at the start of May after receiving assistance from Barratt and the government which jointly funded a 30 per cent equity loan to get her on the property ladder.

The apartment without the help of the scheme would have cost Sally £142,000 but HomeBuy allowed it to be purchased at £99,000.

Barratt is backing the scheme with a total of 3,000 homes nationwide and response to the initiative has exceeded all expectations with developments in the Gloucestershire area in particular demand.

“I was living with my parents in Evesham and travelling to work in Tewksbury but was desperate to get a foot on the property ladder,” said Sally.

“However, hearing that Equinox was part of the new HomeBuy Direct scheme I knew if I got approved by the local housing association then when it was time to reserve at Equinox, I would have my dream home in no time and finally own my own home,” concluded Sally.

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

“The scheme is open to first time buyers, key workers and others who are currently renting. People who have previously owned properties but are now unable to do so – perhaps because they have been in relationships which came to an end – can also apply.”

Under HomeBuy Direct, buyers will be protected against possible falls in property values up to 30 per cent as the Barratt/Government equity share will absorb price risk. In addition, 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.

Buyers can redeem the loan in installments, 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 share of the sale proceeds.

Once complete, Equinox will offer 44 brand new homes, a mixture of apartments, town houses and detached houses. Current availability includes three-bedroom Orion townhouses, priced from £239,995, and a one-bedroom Capella apartment priced at £129,995.

Equinox lies just 1.5 miles from Junction 11 of the M5 and there are regular services from Cheltenham train station to Swindon, Bristol and London.

For further information about Barratt’s HomeBuy Direct at Equinox log on to barratthomes.co.uk.