Barratt Homes

Barratt Homes

February 09, 2012 11:42 ET

NewBuy Mortgage Scheme Could Be A 'Game Changer' for Local Homebuyers

LONDON, UNITED KINGDOM--(Marketwire - Feb. 9, 2012) - 2012 will see creditworthy homebuyers in and across the country offered the best chance since the start of the credit crunch to buy a new home without a hefty deposit.

In March, the Government - as part of their national Housing Strategy - plans to launch the NewBuy Scheme.

This will bring lenders, builders and Government together to offer mortgages on new-build properties with only a fraction of the deposit previously required. Where buyers could have once required in the region of £40,000 towards a new home, under the NewBuy Scheme a £10,000 deposit will get them into a new build property of their own. And in many cases the deposit will be substantially less than that.

Housing Minister Grant Shapps stated that the Government is committed to "going the extra mile" for those aspiring to get on the property ladder. He confirmed that the scheme would be open to UK citizens purchasing new homes and flats up to £500,000 as their main home. This applies to both first time buyers and those moving up the property ladder.

Leading housebuilder Barratt Homes is hailing the scheme as representing one more reason why newly built homes are a better deal than their second-hand counterparts.

"We feel that creditworthy buyers who have been frustrated for years about not owning a home of their own stand to benefit, as well as those who don't have much equity in their current home, but need to take the next step on the housing ladder", said Patrick Law, Director of Corporate Affairs, at Barratt Developments PLC.

"We are already seeing a strong demand for the product despite the fact that it's yet to be formally launched. Thousands of people have already got ahead of the game and registered their interest on our website."

Barratt is the only leading housebuilder which guarantees all the internal fixtures and fittings in a new home for a full five years - in other words, the first 1,824 days of occupancy.

Visit Barratt Homes today for more information on the developments we have available nationwide.

NOTES TO EDITORS:

  1. Barratt Group sold 11,171 homes in the last financial year, making it the biggest housebuilder by volume in Britain.
  2. Barratt Group was named Housebuilder of the Year at the Housebuilder Awards 2011.
  3. Barratt Group was awarded a maximum five star rating for the second consecutive year in the 2011 Home Builders Federation Customer Satisfaction Survey.
  4. In 2011 site managers working for Barratt Group won the highest number of NHBC Pride in the Job Quality Awards for a record seventh consecutive year.
  5. Barratt Group is the only housebuilder to guarantee the fixtures and fittings in place at the time of purchase of its new homes for five years.
  6. Images of a selection of developments are available to the media at http://www.barrattdevelopments.co.uk/barratt/en/media/mediakit/lib

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