Family homes for 70 per cent of the price

Prospective homebuyers looking for their perfect family home can take advantage of a new Government backed scheme which enables them to move into a new home in Brockworth for just 70 per cent of the price.

The HomeBuy Direct scheme has been a huge success in the region – and it’s not just for first time buyers.

Sales director Louise Ware said that families can move into a brand new home under the scheme which is available at Coopers Edge.

“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.”

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.

Under the scheme those taking advantage of HomeBuy Direct will receive a 30 per cent equity loan funded jointly by Barratt and the Government. The buyer finances the remaining 70 per cent of the purchase price either through a mortgage, a deposit or a combination of the two.

“We have had a tremendous response in the weeks since we launched HomeBuy Direct in Gloucestershire which shows that there is still enormous demand for new homes in this area,” said Louise.

“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 prices - not high 2007 prices. 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.

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 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 share of the sale proceeds.

Cooper’s Edge is part of a unique community being built on the outskirts of Hucclecote village. It is located just off junction 11A of the M5, between the thriving towns of Gloucester and Cheltenham.

When complete, the Cooper’s Edge community will offer a range of homes and new amenities, including schools, high street shops, pubs, restaurants, a sports centre and a business park.

For details of current availability, log on to Barratthomes.co.uk.