Barratt Homes

Barratt Homes

April 10, 2012 05:00 ET

Potential for 4% Deposits With FirstBuy

LONDON, UNITED KINGDOM--(Marketwire - April 10, 2012) - FIRST time buyers are being given the chance to move into a new home with a deposit of just 4% thanks to the Government-backed scheme, FirstBuy.

FirstBuy aims to make home ownership more affordable by enabling home buyers to buy a new home with the lowest possible deposit and mortgage.

As part of the scheme, eligible purchasers no longer need deposits of up to 20%, giving creditworthy first time buyers the best chance in five years to get on the housing ladder.

In fact those with a combined household income of less than £60,000 - looking for a home in the East Midlands - could be offered a loan of up to 20% of the price of the property, jointly funded by Barratt East Midlands and the Government's House and Communities Agency (HCA).

Buyers will then be required to find the remaining 80% of the price themselves, with up to 76% of this able to be a mortgage. This will leave a deposit of just 4%.

Mark Wright, Managing Director at Barratt East Midlands, comments: "First time buyers could be forgiven for thinking that home ownership is currently beyond their reach but with FirstBuy, buying your first home has become much more affordable.

"However, our FirstBuy allocation is limited and will be awarded on a first come, first served basis only. So I'd encourage anyone who is looking for an affordable route in to home ownership, to visit us today to find out more."

For further information on the FirstBuy scheme visit Barratt at http://www.barratthomes.co.uk.

NOTES TO EDITORS:

(1) For further information about 'Barratt Developments' please contact Patrick Law on +44 20 7299 4892 or Liz Morley on +44 20 7379 5151
(2) Barratt Group sold 11,171 homes in the last financial year, making it the biggest housebuilder by volume in Britain
(3) Barratt Group was named Housebuilder of the Year at the Housebuilder Awards 2011
(4) Barratt Group was awarded a maximum five star rating for the third consecutive year in the 2012 Home Builders Federation Customer Satisfaction Survey
(5) 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
(6) 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
(7) Images of a selection of developments are available to the media at http://www.barrattdevelopments.co.uk/barratt/en/media/mediakit/lib

Contact Information

  • Patrick Law
    +44 20 7299 4892

    Liz Morley
    +44 20 7379 5151