Cheltenham buyers to benefit from government initiative

Prospective buyers looking to get a foot on the property ladder can purchase a brand new house at Barratt’s Equinox development in Cheltenham for just 70% of the purchase price.

Buyers who are eligible for the HomeBuy Direct scheme can buy a brand new home at Equinox for just 70% of the purchase price as 30% is funded by a shared equity loan from Barratt and the Homes and Communications Agency (HCA).

“There has been immense interest in the scheme, so we are delighted HomeBuy Direct is available on three/four bedroom Orion town houses at Equinox.” said Barratt sales director, Andrea Pilgrim.

The Orion townhouses are available from £232,500 with HomeBuy Direct they are £162,750.

The Orion townhouse is set over three floors. The ground floor offers a hallway, downstairs cloakroom, study/fourth bedroom and open plan kitchen/diner. The first floor has an L-shaped lounge, bedroom and bathroom, while the second floor is devoted to an en-suite master bedroom with dressing area and a third bedroom. There is a garage and separate parking space outside.

“Our Orion townhouses are perfect for a growing family,” said Andrea. “They come with a ground floor study that could easily be converted into a fourth bedroom – ideal for a teenager or an elderly relative.’’

Andrea continued: “The HomeBuy Direct scheme provides an ideal opportunity for families, first time buyers and others who are currently renting to get a foot on the property ladder. Barratt is backing the Government’s HomeBuy Direct scheme with thousands of allocated homes nationwide, however we expect demand for these to be high,”

“First time buyers and others who have been priced out the property market for years see this as an opportunity to a get a foot on the property ladder. The 30 per cent equity loan from Barratt and the government means that buyers may not 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.

Equinox lies just 1.5 miles from Junction 11 of the M5 and there are regular services from Cheltenham train station to Swindon, Bristol and London. Cheltenham has a wealth of shops, theatres, museums, cafes and wine-bars, as well as one of the liveliest music, literary and dance scenes in the south west.

For further details log onto barratthomes.co.uk/equinox-cheltenham.