Divorcee buys new home with HomeBuy Direct

Thanks to HomeBuy Direct, the government’s new shared equity scheme, a divorced father has been able to buy a family home at Barratt’s Cooper’s Edge development in the picturesque village of Hucclecote.

David Funnell (44), managing director of a small manufacturing company, moved into a four-bedroom townhouse at Cooper’s Edge in June.

“I lived in rented accommodation after my divorce and didn’t think I would be able to afford a home of my own for some time, but HomeBuy Direct has changed everything and I’m over the moon to be a homeowner again,” David said.

“It’s a fantastic scheme as buyers who are eligible receive an equity loan of up to 30 per cent, jointly funded by Barratt and the government, and this makes buying a new home much more affordable.

“I have two daughters and they really love the new house because they each have a bedroom of their own when they come to stay,” David continued. “The townhouse is in the Butcote style and it’s really spacious.

“We have an open-plan kitchen and family room on the ground floor, which is great when we want to get together. The lounge and bedrooms are on the first and second floors, so there’s plenty of room if anyone wants to do their own thing.

“The development is in a great location,” David added. “The motorway is close by, so it’s easy to commute to work, and my daughter attends the local school. I’m really pleased I decided to find out more about HomeBuy Direct at Cooper’s Edge.”

Barratt is backing HomeBuy Direct with a total of 3,000 allocated homes nationwide. Developments in the Barratt Bristol area with HomeBuy properties also include Orchard Leaze in Stroud.

Andrea Pilgrim, 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.”

Sir Bob Kerslake, Chief Executive of the Homes and Communities Agency, added: “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 – 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 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.

Cooper’s Edge is part of a unique community being built on the outskirts of Hucclecote village in Gloucestershire. When complete, this community will offer a range of amenities including schools, high street shops, pubs, restaurants and a sports centre.

Current availability at Cooper’s Edge includes a range of two, three and four-bedroom homes, with prices ranging from £139,995 to £232,500. Part exchange is available to buyers moving up to a larger property.

The village of Hucclecote sits at the foothills of The Cotswolds, an area of outstanding natural beauty, and the nearby M5 offers easy access to the thriving towns of Gloucester and Cheltenham.

or details of current availability visit the sales office at Cannon’s Corner, Brockworth, open from 11am to 6pm Thursday to Monday, or log onto barratthomes.co.uk.