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Home Affordable homes initiative in Southampton

Affordable homes initiative in Southampton

First-time buyers struggling to get a foothold on the property ladder could be in luck, thanks to a joint initiative by Barratt Homes and a government agency.

Applicable to Barratt's Oceana Boulevard development in Southampton, the scheme allows first-time buyers to take out a mortgage for 50 per cent or more of the value of the new home.

The outstanding amount will be paid by English Partnerships, which will not expect repayment for the first 36 months. After this period, buyers will repay one per cent a year, climbing to three per cent after five years.

Catherine Ferguson, Barratt sales director, said: "This is a terrific initiative for first-time buyers struggling to get on the housing ladder.

"It is an excellent means of helping first-time buyers towards full homeownership and we are delighted to be able to offer it at Oceana Boulevard."

Among English Partnership's aims are to increase the supply of affordable housing and to encourage private sector investment in housing and regeneration.

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05/12/2007