Give your kids a home of their own this Christmas
Parents can make this Christmas a special one for sons and daughters looking to own a home for the first time.
Those seeking new homes but feel unable to buy because of financial constraints can turn to Barratt’s Parent Power or Head Start to boost them on to the property ladder at Jasmine Place in Shepton Mallet.
“Owning your own home is something many people aspire to – but it isn’t easy to secure the finances needed to enter the market,” said Barratt sales director, Andrea Pilgrim. “This is a fantastic opportunity for parents or grandparents to give their children or grandchildren the best Christmas present ever.”
The ground breaking Parent Power agreement rewards the growing number of Mums and Dads or benefactors who put down a deposit on their children’s first home. Barratt pays the interest they would have earned on their savings at a highly competitive rate – 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. Barratt will pay five per cent interest per annum for a full five years on a deposit of up to 20 per cent.
“This means that if someone puts down a maximum deposit of £24,000 on a property costing £120,000, they will receive the equivalent of £1,200 a year in interest for five years,” said Andrea. “And this is paid as a lump sum of £6,000 at the time of completion.”
Another route to a brand new home for first time buyers is Head Start. This is a shared equity scheme that allows buyers to secure a home for just 85 per cent of the asking price. The remaining 15 per cent is funded through a deferred Barratt loan. And buyers don’t have to pay this until the home is sold again or in ten years, whichever is sooner.
Jasmine Place offers an outstanding selection of three bedroom homes in Shepton Mallett. “This rural town is fantastic for buyers looking for a location away from the crowds but close enough to schools and other local amenities,” said Andrea. “They will find peace and quiet here, but they will also be well connected to nearby towns and cities – with excellent commuting links to Bath and Bristol.”
For details of current availability call the sales office, open daily, 11.00 am – 6.00 pm.