Parents re-mortgage to help son buy first home

Gareth Evans (24) has managed to get a foot on the property ladder thanks to his parents, Gary and Vivian Evans, who were willing to help their son with a deposit on a new home at Barratt South Wales’ Copper Quarter development in Swansea.

Gareth had been living at home with his parents in Neath since finishing university a couple of years before. Gareth has set up his own business in the film world editing productions and with work so busy, he hadn’t had time to consider a place of his own. However, Gareth’s father suggested now would be a good time to buy.

With help from his parents, Gareth was able to purchase a £150,000 three-bedroom house with a small mortgage.

Gareth says: “My parents have been great; I could not have bought such an amazing house in such a great location without their help. I never imagined being able to buy my first home so close to Swansea and on the riverside.”

Gareth is letting one of his spare rooms to a friend in order to repay his parents. Gareth’s father says: “We were delighted to help Gareth buy his first home; it seemed too good an opportunity for him to miss with house prices dropping.

Copper Quarter is ideally located for Gareth’s work and social life. We were all so impressed with the house, which he reserved within a week of seeing it.”

Adrian Bird, sales director for Barratt South Wales, adds: “This is a really good way to get on the property ladder for those who are fortunate enough to have parents in a position to help. Although house prices are lower than last year, mortgages are proving harder to obtain with larger deposits required. If parents can help out, this is a prime time for first time buyers to get a foot on the ladder.”

Gareth moved in to his new home less than a month ago and is already enjoying the benefits of living at Copper Quarter. Being so close to Swansea, the scheme is ideal for those who like socialising as it’s so close to a wide variety of bars, clubs, pubs and shops. As Gareth is keen on football, cycling and going to the gym, he appreciates the great choice if sporting amenities nearby. In addition, the Liberty stadium is just a few minutes’ walk from Copper Quarter.

Copper Quarter offers one and two-bedroom apartments and two and three-bedroom houses, all with parking. Residents can enjoy attractive landscaped areas within the development, plus lovely river walks. Swansea city centre is only a short drive, or there is a Park and Ride bus station close to Copper Quarter with a regular bus service straight to the city centre. The train station at Swansea is around a mile from the development; Swansea Airport is around six and a half miles.

To help families with an existing home to sell, Barratt is currently offering to buy their old home through its popular Part Exchange scheme. Barratt buys the purchaser’s existing home, enabling the purchaser to buy a new Barratt home. This takes away the worry of being in a chain and you can even stay in your old home until your new one is ready. With no estate agency fees to pay, or HIP to prepare, you save money too.

With Barratt’s Dream Start scheme offered on selected plots you can pick-up the keys to a new home today for just 75 per cent of the price. Barratt will pay the other 25 per cent as an interest fee deferred loan for up to 10 years. This isn’t shared ownership – it’s your home and you own 100 per cent of it, but you only pay 75 per cent of the purchase price now. The repayment of the 25 per cent is at the market value at the point of resale, transfer, or the end of the 10 year period, whether this is more or less than the original purchase price. Some lenders will even accept Barratt’s 25 per cent share as your deposit – meaning that you won’t need a deposit of your own.

Barratt is also offering mortgage protection for up to three years, thanks to free insurance with a new home. Barratt will pay the first year’s premium to insure buyers against being unable to make their mortgage payments through no fault of their own.

Prices for iPad apartments are from £89,995 for a one-bedroom iPad. Prices are from £140,000 for a two-bedroom apartment and from £170,000 for a three-bedroom mid-terrace house. The sales and marketing suite at Copper Quarter, Brunel Way, Swansea, West Glamorgan, SA1 7FF is open seven days a week from 11am to 6pm.

Barratt is the premier housebuilder in South Wales where it has been building new homes for 30 years. Barratt South Wales works closely with local Housing Associations, in addition to the Welsh Assembly Government, to bring forward opportunities for first-time-buyers and key workers.