Barratt celebrates a milestone in Bristol

The region’s leading housebuilder Barratt Bristol is celebrating this week after helping its 100th buyer get onto the property ladder with a new scheme which dramatically cuts the up-front cost of home purchase.

HomeBuy Direct is targeted at buyers struggling to buy a place of their own by letting them move in for just 70 per cent of the purchase price. The other 30 per cent is accounted for by a loan jointly funded by Barratt and the Government’s Homes and Communities Agency together with the buyer’s five per cent deposit.

This latest milestone demonstrates the scheme’s popularity – and Barratt is keen to encourage more buyers to use it and take possession of their first home.

“Owning your own home is something many people aspire to – but it is difficult for some to finance that first step,” said Barratt sales director, Andrea Pilgrim.

“We are delighted to be able to help with HomeBuy Direct – and it is particularly pleasing to welcome buyers into new homes that might otherwise have been difficult for them to acquire.

“This scheme is available to many more buyers – and we have a selection of excellent new homes ready and waiting to welcome new owners. It is far easier than people think. In many cases, buyers need only find five per cent of the price as a deposit.”

HomeBuy Direct can significantly reduce the initial cost of house purchase and hugely increases the chances of buying a first property. And the smaller mortgage requires monthly repayments that are far more affordable.

South West Homes, a ‘not for profit’ organisation appointed by the Homes and Communities Agency, is working with Barratt to help those who feel unable to buy their own homes.

“We are very pleased by the response from this region,” said Graham Phillips from South West Homes. “It is a very encouraging sign that the property market has all the potential for recovery.

“The team from Barratt has been fantastic. It is so important to help a range of people find the best housing option to suit them – and at the same time help stimulate the building of new homes. It is great to see so many buyers get their first home. And, thanks to Barratt and a huge commitment from the Homes and Communities Agency, I look forward to seeing more buyers take advantage of HomeBuy Direct over the coming months.”

HomeBuy Direct 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.

For information about new Barratt homes available under HomeBuy Direct, log onto barratthomes.co.uk.