Final chance to 'HomeBuy Direct' at Hawthorn Meadows

Time is running out to take advantage of the equity loan scheme HomeBuy Direct which is available on specific new homes at Barratt’s Hawthorn Meadows development in Whippingham on the Isle of Wight.

It has been hugely successful but there are just two homes left to move into by the end of June purchasing through the scheme.

HomeBuy Direct provides eligible buyers with an equity loan of up to 30 per cent, jointly funded by Barratt and the government, making getting on the property ladder accessible for so many who think they are currently priced out of the market.

Mark Docherty, Barratt sales director, said: “We secured additional homes under the HomeBuy Direct scheme at Hawthorn Meadows but these have been incredibly popular and we now only have two left available to move into by the end of June.”

“The scheme really is perfect for people who have been priced out of the housing market for years and can take advantage of this outstanding opportunity to buy a new home.

Hawthorn Meadows currently has the three bedroom Maidstone design available through the scheme which has an asking price of £195,000 but with HomeBuy Direct, it can be purchased for just £136,500.

The other remaining home is the three bedroom semi-detached Endale which has an asking price of £207,000 but can be purchased for just £144,900 with HomeBuy Direct.

“The initiative 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,” continued Mark.

“Eligible households will have an income of up to £60,000 and would not normally be able to afford to buy a suitable property on the open market,” he added.

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. Buyers must have at least five per cent of the 70 per cent to use as a deposit.

Hawthorn Meadows enjoys a rural setting on the Isle of Wight and the village of Whippingham has strong links with royalty. It is only a five-minute walk to Osborne House, Queen Victoria’s summer home.

The development also nestles near the River Medina and a local mooring site and, because it lies on the eastern edge of Cowes, offers the perfect retreat for yachting enthusiasts. There is easy access to the rest of the island and to the mainland.

For further details visit the sales office, open from 11am to 6pm Thursday to Monday.