"The Government-backed scheme is a fantastic stepping stone for anyone looking to get on the property ladder with just a 5 deposit, providing an opportunity for young couples to secure a first home"
Fenton Hewitt, Sales Director
First time buyers in the North East have an opportunity to take their first step on the property ladder in 2021 following the launch of a new Government-backed Help to Buy scheme, which will be available for buyers to take advantage of at Barratt Homes’ nearby Merrington Park and Burton Woods developments in Spennymoor.
The brand new scheme is exclusive to first time buyers only and is available on new properties that are built after 1st April 2021. There are also regional price caps which limit the price on Help to Buy homes, which for the North East region is £186,100.
With Help to Buy, buyers are able to purchase a new home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale on the home.
Fenton Hewitt, Sales Director at Barratt Developments North East, said: “The launch of the new Help to Buy scheme has arrived at an opportune time for first time buyers looking to begin their journey as a homeowner.
“The Government-backed scheme is a fantastic stepping stone for anyone looking to get on the property ladder with just a 5% deposit, providing an opportunity for young couples to secure a first home together, or allowing renters to find a home of their own.
“We have a selection of properties with Help to Buy available at our developments across North East and we’re looking forward to assisting property seekers with their move.”
Barratt Homes and David Wilson Homes are both ready to assist prospective buyers at its developments across North East and are encouraging those interested in securing a new home to book an appointment with a Sales Adviser.