New releases at Lakeside under government scheme

Due to popular demand, Barratt’s Lakeside development in Eastleigh has released a range of new homes under the HomeBuy Direct scheme to help first-time buyers and key workers onto the housing ladder in 2010.

“We can offer this government-backed scheme on a number of properties at Lakeside, and eligible buyers can secure a significant reduction on the purchase price,” reports
Mark Docherty, Barratt sales director.

“For example, our stylish two-bedroom house in the Richmond design has an asking price of £182,000 but, with HomeBuy, this price is reduced to £127,400.

“For those seeking a larger home, our three-bedroom Maidstone house, priced at £208,000, is available for £145,600 with the scheme. Our three-bedroom Enbourne house, which has an asking price of £219,000, can be purchased for just £153,300 with HomeBuy,” he added.

Buyers who are accepted for the government-backed 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).

The scheme is open to first-time buyers, key workers and others who are currently renting.

Households eligible will have an income of no more 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.

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

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

For more information call the Lakeside sales office in Arnold Road, Eastleigh, open from 10am to 5pm Thursday to Monday, or log on to: barratthomes.co.uk