HomeBuy Direct available to Taunton buyers

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 Old Cider Works development in Norton Fitzwarren, Taunton.

And potential buyers can find out more at a special open weekend on Saturday October 17 and Sunday October 18.

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 The Old Cider Works, 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.’’

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.

The Old Cider Works, is close to the foot of the Quantock Hills just outside Taunton, and an ideal location for commuters. Major roads including the A38, A358 and M5 provide easy access to Bristol and the south west. If you prefer to take the train Taunton, a thriving market town, has a mainline station with regular services to London and Devon.

For further information visit barratthomes.co.uk.