Willenhall couple find an easier way onto the property ladder

Thanks to a first-time buyer scheme from Barratt West Midlands, local couple Lydia Morgan and Leonard Greathead have found the easy way to affording a new home at the housebuilder’s Squire’s Lock development on Lichfield Road in Willenhall.

The couple, who were previously living with their parents in nearby Short Heath, found that with the help of Barratt’s Head Start scheme, they were able to get onto their property ladder and purchased a three-bedroom Shelburne style house at Squire’s Lock.

Head Start is specifically designed for first-time buyers and allows them to purchase the new home for just 85 per cent of the price. The remaining 15 per cent is financed through an interest free loan from Barratt meaning that most purchasers won’t need a deposit.

Lydia, a support worker aged 25, commented, “After spending some time living with my parents, Leonard and I decided to look for a place of our own. However we didn’t have much saved in the way of a deposit so we weren’t sure whether we would be able to buy or not.

“We were already living just round the corner from Squire’s Lock so decided to take a look and see what homes were available. We were specifically looking for a house rather than an apartment so that we wouldn’t have to move if our circumstances changed and we were really impressed with the selection on offer at Squire’s Lock.”

Leonard a quality manager aged 29 has a passion for football and plays for the local Corpus Christi FC in his spare time. He added, “Although we immediately knew we wanted to buy the house, we still weren’t sure whether we would be able to buy without much of a deposit, so once the sales negotiator told us about Head Start it sounded ideal for us.

“It meant that we only had to get an initial mortgage for 85 per cent, which eliminated the need for a large deposit and also meant that we were able to afford a bigger home than we originally thought we would be able to.

“We are delighted with our new house and have been very pleased with the service both throughout the sale and beyond. We would definitely recommend Barratt and Head Start to anyone looking for their first home.”

Graydon Worthing, Sales Director for Barratt West Midlands said, “Head Start is a great scheme for first-time buyers who are currently struggling to get their foot onto the property ladder. The scheme allows purchasers to receive a 15 per cent equity loan on the value of their new home, which can help reduce the amount of deposit required along with the monthly mortgage repayments.

“It is great to see that Lydia and Leonard have been able to buy their ideal home with the help of the scheme and with a range of other homes available at Squire’s Lock, I’m sure many more people will be joining them in the joys of home ownership.”

There is no interest or rent to pay on the remaining 15 per cent, this deferred amount is simply paid back as 15 per cent of the property’s open market value within ten years or up to the point of resale, whichever is sooner.

Also available at Squire’s Lock is Barratt’s Dream Start scheme which offers the same benefits as Head Start, but means that homebuyers receive a 25 per cent interest free loan.

Lydia and Leonard purchased a three-bedroom Shelburne style house. The property offers a spacious living room, kitchen/dining room with French doors leading to the rear garden, three bedrooms, en-suite to the master bedroom and main bathroom.

Squires Lock currently offers a selection of two-bedroom apartments priced from £99,950. For more information, log on to barratthomes.co.uk/squireslock.