HomeBuy Direct boosts sales in Bodmin

A housing initiative to help first time buyers and those who have been priced out of the housing market is proving a huge success for Barratt in Bodmin.

HomeBuy Direct has been instrumental in a number of sales at Canyke Fields and crucially it has helped local people afford a home in their home town.

Buyers who are accepted for the HomeBuy Direct scheme only have to find 70 per cent of the purchase price on a new home. The other 30 per cent is funded by a joint equity loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Barratt sales manager Mary Daymond said it has been extremely successful at Canyke Fields where a range of two and three bedroom homes are available under this initiative.

Prices currently range from £149,950 for a two bedroom coach house – which is only £104,950 with HomeBuy Direct.

“People who have been priced out of the housing market for years see this is an outstanding opportunity to buy a new, lower priced home. The 30 per cent equity loan from Barratt and the government means that, in some cases, they may only need a five per cent 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.

Canyke Fields is located in Gilbert Road, Bodmin, and lies close to the A389, which offers easy links to Wadebridge and the coastal resort of Newquay. The A30 and A38 provide access to the thriving cities of Truro and Plymouth.

Bodmin offers an ideal base for all age groups as, in addition to numerous amenities, it is home to the Beacon Nature Reserve, with its stunning views of the local moors and coastline.

For further information about current availability and HomeBuy Direct, log on to Barratthomes.co.uk.