Bodmin house buyers benefit from HomeBuy Direct

Thanks to a major new Government initiative, buyers can now move into a brand new home for just 70 per cent of the purchase price at Barratt’s Canyke Fields in Bodmin.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Mary Daymond, Barratt sales manager, said: “At Canyke Fields, current availability under HomeBuy Direct includes two and three bedroom homes and we are expecting demand to be high from buyers taking advantage of this scheme.’’

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide.

Mary continued: “People who have been priced out of the housing market for years see this is 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 some cases, they don’t even need to have a deposit.”

Colin Molton, Homes and Communities Agency regional director for the South West, said: “In the current climate it’s important that we help a range of people find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we’re doing this and it is proving extremely popular.”

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 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 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 proportionate share of the sale proceeds.

Canyke Fields is located in Gilbert Road, Bodmin, and lies close to the A389, which offers easy links to Wadebridge and the coastal resort of Newquay. The A30 and A38 provide access to the thriving cities of Truro and Plymouth.

Bodmin offers an ideal base for all age groups as, in addition to numerous amenities, it is home to the Beacon Nature Reserve, with its stunning views of the local moors and coastline.

For further information about current availability and HomeBuy Direct, log onto barratthomes.co.uk.