Buyers urged to take advantage of HomeBuy Direct

Barratt East London is urging first time buyers to take advantage of the extension to a national scheme which enables people to buy a new home with virtually no deposit.

Buyers could move in to a new home at Barratt’s St Andrews development in Bromley-by-Bow for as little as £149,800 thanks to the HomeBuy Direct low-cost home ownership scheme.

Thousands of people have already bought their first home through HomeBuy Direct, which was originally supposed to end in March. But it has now been extended to later in the year so that more buyers will be able to seize the opportunity to get on the property ladder, says Alastair Baird, managing director for Barratt London.

“On 6th and 7th February, mortgage advisers will be at St Andrews to explain the Government-backed shared equity scheme for the new homes that offers attractive options for qualifying buyers. I’d advise anyone who is interested to come and talk to us if they want to take advantage of this extremely attractive window of opportunity,” he said.

“HomeBuy Direct can dramatically reduce the initial cost of house purchase and for people who have been priced out of the market for years this is an outstanding opportunity finally to own their own home.”

The scheme gives buyers the opportunity to move in for only 70 per cent of the price, with the remaining 30 per cent covered by a loan from Barratt and the Government’s Homes and Communities Agency. Because a smaller mortgage is required, monthly repayments are much more affordable.

HomeBuy Direct is open to a wide range of people who don’t currently own their own home. Eligible households will be earning less than £60,000.

To buy a one-bedroom apartment at St Andrews, for example, you could need a mortgage of only £149,800, or £191,100 for a two-bedroom apartment.

The current phase, comprising 194 studio, one, two and three-bedroom apartments is 85% sold, with only 11 apartments now available through HomeBuy Direct. Homes are set within stylish contemporary buildings situated in landscaped grounds.

The development of St Andrews is being undertaken in partnership with the Homes & Communities Agency, the London Development Agency, Tower Hamlets Council and Circle Anglia housing group.

St Andrews is situated in an incredibly convenient location: Bromley-by-Bow underground station is virtually next door and Devons Road DLR station is just around the corner, putting Canary Wharf, the City and the West End within quick, easy reach.

Stratford Station – East London’s transport hub – is less than a mile away, with mainline and bus services to London and the UK and, eventually, to Europe, thanks to a planned Eurostar stop. The station is also on the Jubilee and Central lines, providing easy commutes to the capital.

Barratt East London has scored top marks in this year’s Home Builders Federation customer satisfaction survey. The division was rated with the maximum 5 star builder in the annual HBF survey, in which more than 20,000 new home buyers nationwide took part.

For added piece of mind buyers can also benefit from Barratt’s new five year guarantee on fixtures and fittings in their new home at the time of purchase.

For further information contact the Sales & Marketing Suite at St Andrews, Devons Road, Bromley-by-Bow, open daily from 10am to 6pm, or log on to barratthomes.co.uk.