Barratt promotes MyChoiceHomeBuy schemeBarratt promotes MyChoiceHomeBuy scheme
A government-backed scheme to close the gap between income and house prices is being trialled in Warwickshire by Barratt Homes.
The MyChoiceHomeBuy initiative is aimed primarily at first time buyers or anyone with an annual household income of between £20,000 and £60,000.
Homebuyers receive up to 50 per cent of the property price in the guise of a loan.
MyChoiceHomeBuy is currently available at CV One in Coventry, a selection of one and two-bedroom apartments, and Loxley Court in Stratford-upon-Avon, which offers a range of two-bedroom apartments.
David Child, sales director for Barratt, explained: "This scheme is a fantastic initiative which has been designed specifically for these purchasers, such as first time buyers who find it a struggle to take the step towards homeownership."
Under the term of the scheme, a single person with a salary of £30,000 and a savings contribution of £5,000 could afford a property worth £250,000.
Homebuyers either pay off the loan in stages or in total after residing in the property for a year.
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