Barratt North East supports parent power

The North East’s leading housebuilder has unveiled a ground-breaking new scheme to reward the growing number of parents who put down a deposit on their children’s first home.

Barratt North East will pay the interest which Mum and Dad would have earned on their savings at a highly competitive rate of five per cent – well above the Bank of England’s base rate.

The offer means that parents who want to help their offspring get on the first rung of the property ladder can do so without losing a penny of interest on their savings.

Under the scheme – appropriately called Parent Power – Barratt will pay five per cent interest a year for a full five years on a deposit of up to 20 per cent.

So if a parent puts down a maximum £24,000 deposit on a property costing £120,000, they will receive the equivalent of £1,200 a year in interest for five years. This is paid in a lump sum of £6,000 at the time of completion.

“The reality of high house prices is that a growing number of parents now put down a deposit to help their son or daughter to buy a place of their own,” said Fenton Hewitt, Sales Director at Barratt North East.

“But if that money is used to fund a deposit, it means that it isn’t in a high-interest savings account earning money for Mum and Dad.

“This new scheme gets around that because you can pay a deposit on a new Barratt home for your children and we will pay you the interest you would have earned on the money.”

The offer is not restricted to mothers and fathers and is also available to other family members or friends who want to help a first-time buyer move into a home of their own.

Barratt have homes available at three Teesside developments:

• Hardwick Green, Stockton, where prices start from £95,900;
• Mandale Park, Thornaby, at prices from £113,500; and
• Parkside Gardens, Middlesbrough at prices from £99,995.

Showhomes at the developments are open daily from 10.00am to 5.00pm.