HomeBuy Direct draws buyers to Lakeside

The government’s HomeBuy Direct shared equity scheme is proving popular with first-time buyers at Lakeside, Barratt’s new development in Eastleigh.

Among those benefitting from the scheme are Tom and Laura Fealy, who have moved into a three-bedroom Endale style house at the development.

“HomeBuy Direct is a great incentive for people who want to own their first home,” said Tom (25), a technical engineer who works in Basingstoke. “Buyers who are eligible receive an equity loan of up to 30 per cent, jointly funded by Barratt and the government, and this makes new homes much more affordable.

“We were living in rented accommodation but we have a baby on the way and really wanted a home of our own. Most of the houses in Eastleigh were out of our price range, so we were delighted when we heard about HomeBuy Direct at Lakeside.

“Our new home is lovely, with a fabulous south-facing garden, and we’re just a short walk from the town centre and all the amenities,” Tom continued. “The motorway is close by, so it’s easy to commute to work, and there’s a country park nearby, which will be ideal when our first child arrives.

“The Barratt team has been fantastic throughout, and made the whole process of buying our first home a very pleasant experience,” he concluded.

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. In addition to Lakeside, developments in the south with HomeBuy properties include Citigait in Portsmouth and Hawthorn Meadows on the Isle of Wight.

Mark Docherty, Barratt sales director, said: “Buyers priced out of the housing market for years see this as 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 many 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 – perhaps where relationships have broken down – 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 installments, 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.

Lakeside is a stunning development of apartments, coach houses and houses located close to the River Itchen and Lakeside Country Park.

The development is located midway between the bustling and historic cities of Southampton and Winchester. There are excellent transport links, including regular bus services, and Southampton International Airport is only a 15-minute drive away.

For more information about HomeBuy Direct, call the Lakeside sales office, open from 11am to 6pm Thursday to Monday, log on to barratthomes.co.uk.