New 95 per cent mortgages a "game change" for local homebuyers

A New Year move with Barratt in Plymouth could be easier than ever with just a five per cent deposit needed to secure your dream home.

The leading housebuilder has welcomed the return of 95 per cent mortgages for qualifying buyers of new homes announced as part of the Government's national housing strategy to help boost local housing markets.

Barratt sales director Caroline Hill said, "The housing strategy announcement is fantastic news for house hunters across the region and will help potential buyers turn the dream of moving into a brand new home into a reality.

"The key thing about the return of 95 per cent mortgages on new build homes is that people will no longer need huge deposits of up to 20 per cent of the price of the property," Caroline added.

"Now the banks have agreed to start lending again on new build homes at 95 per cent loan to value, so homebuyers will only need a deposit of five per cent. In practice that means that you could buy a home in Plymouth for just £126,302.

The 95 per cent mortgages will be on offer from all the leading lenders in the New Year priced at competitive rates and should not involve any more complications than getting a normal mortgage. This incentive can only be used for new build homes to creditworthy buyers.

Caroline continued, "There are already so many advantages to buying a new build and I have no doubt that this new offer will encourage a lot of interest in our homes throughout the region."

The 95% mortgage is set to be available for buyers at Barratt's Plymouth developments - Brunel View and Market Quarter.

See Also:  Property News (6705), Barratt Homes (163), Plymouth (28), Brunel View (7), Market Quarter (5)

Date Published: 30 January 2012

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