Government initiative assists buyers in Somerset

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 Festival development in Bridgwater and Stockmoor Parade in North Petherton.

And potential buyers can find out more at a special open weekend on Saturday October 10 and Sunday October 11.

Buyers who are accepted for the HomeBuy Direct scheme may 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).

Louise Terry, Barratt sales manager, said: “At Festival current availability under HomeBuy Direct includes two bedroom apartments and three bedroom houses and at Stockmoor Parade we have three bedroom homes under the scheme. We are expecting demand to be high from buyers so urge people to show their interest as soon as possible.’’

Louise 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.”

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.

Stockmoor Parade is conveniently located just off junction 24 of the M5 motorway. The site is part of the Stockmoor Village Development, which will also provide a new school and shopping facilities in North Petherton.

At Festival, Barratt is building a select development of apartments and houses just a short walk from the centre of Bridgwater

For further visit barratthomes.co.uk.