Teacher finds dream home at Equinox

When her initial mortgage application fell through, teacher Alice Williams thought she had lost the chance to buy a home at Barratt’s Equinox development in Cheltenham. However, the government’s new HomeBuy Direct shared equity scheme saved the day.

“I wanted to buy a two-bedroom apartment at Equinox but the mortgage lender couldn’t provide me with the loan I needed,” said Alice (30), who is Head of Learning at Swindon Academy.

“Then the Barratt sales team told me about HomeBuy Direct, where people who are eligible receive an equity loan of up to 30 per cent, jointly funded by Barratt and the government, and this makes new homes much more affordable.

“The scheme wasn’t up and running so I had to wait six months, from December to May, for my application to be agreed and processed,” Alice continued.

“Nadine, the sales advisor, was brilliant and kept me informed of developments. I finally bought a lovely apartment for £149,995, and only had to secure a mortgage for 75 per cent of the price, so I’m really thrilled with the final outcome.”

All the apartments at Equinox have now been sold, but HomeBuy Direct is available on three-bedroom Orion townhouses priced from £230,000. As well as three spacious bedrooms, the Orion also boasts a downstairs study which overlooks the garden. This could also be utilised as a fourth bedroom.

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to Equinox, developments in the south west with HomeBuy properties include Fieldways in Paulton, Coopers Edge in Hucclecote, The Meadows in Siston, Orchard Leaze in Stroud, The Zone in Bristol and The Piazza in Chippenham.

Louise Ware, Barratt sales director, said: “Buyers priced out of the housing market for years see this as 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.”

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 installments after the initial year, entitling buyers to purchase up to 100 per cent of the equity 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.

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. Cheltenham has a wealth of shops, theatres, museums, cafes and wine-bars, as well as one of the liveliest music, literary and dance scenes in the south west.

For more information, visit barratthomes.co.uk.