Purchasers of new build homes in the Black Country can secure a deposit reduction of at least £15,000 thanks to the government backed NewBuy programme.
The scheme was launched in March of this year with the aim of seeing 100,000 people purchase their own homes by 2015.
Making the most of the scheme, Barratt Homes have seen a considerable uptake of their new build homes in the Black Country, with ten per cent of the company’s buyers already benefiting from a lower deposit rate.
A deposit for a six-bedroom family home, priced from £229,950, at Barratt’s Duke Park development in Bilston could be reduced by as much as £22,995 under the scheme.
Katie Yates, Sales Manager for Barratt West Midlands said: “We see this as a game changer for the Black Country housing market.
“Credit worthy families who have put their plans to buys a new home on the hold for the last few years can once again think of their future.
“It’s fantastic news for local homebuyers and the economy alike.
“Many have been frustrated with the huge deposits of 15 per cent or more needed on the open market and the new scheme is enabling homebuyers to finally get moving. Thanks to this scheme the deposit needed for a new home has been radically reduced – customers can borrow more at a lower interest rate than was previously the case.”
NewBuy, the 95 per cent mortgage backed by the government, means all purchasers of new build homes, not just first time buyers, can take advantage of the reduced five per cent deposit.
The scheme is available in England on all Barratt homes up to and including a sale price of £500,000.
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