FirstBuy to assist the Armed Forces

MEN and women who have served in the Army, Navy or Royal Air Force are being urged to take advantage of a once in a generation opportunity to buy their first home in Forest Town with the help of newly released Government money,

By The Newsroom
Saturday, 1st October 2011, 12:49 am

Barratt East Midlands is calling local Armed Forces personnel to sign-up for a new scheme called FirstBuy, which is designed to give first time buyers a route to home ownership at the lowest possible cost and with the lowest possible deposit.

The Government-backed initiative formally gives priority to men and women who have served in the Forces.

Barratt East Midlands is topping up the offer for servicemen and women by giving them £500 of ‘Choices’ furniture vouchers for every £25,000 they spend on the house.

And the housebuilder has also set-up a special Armed Forces hotline for any personnel who are interested.

The developer has a range of new two, three and four bedroom homes priced from £109,995, at The Grange, on Sandlands Way, Forest Town.

“In normal circumstances it can be very difficult for men and women who have served in the Forces to buy a home of their own because of the difficulty of raising a deposit and getting a mortgage,” said Mark Wright, Managing Director at Barratt East Midlands.

“But this initiative means that First Time Buyers in Nottinghamshire now have the chance to move into a new home with a deposit of as little as £4,400.

“Armed Forces personnel who want to go to the front of the queue should call our hotline on 0844 815 6196.”

“Barratt has been supporting the Armed Forces for many years by offering discounts on our homes and making donations to the Help for Heroes charity.

“Homes are getting more expensive so people serving in the Army, Navy or RAF may never have a better opportunity to take their first step on the property ladder.”

The offer also applies to ex-regular servicemen and women who have served for a minimum of six years and also to the surviving partners of military personnel who have died in service.

It isn’t only the Armed Forces who will be eligible to take advantage of FirstBuy. Any household with a combined income of up to £60,000 qualifies.

Under FirstBuy, buyers will be offered a loan of up to 20 per cent of the price of the property, jointly funded by Barratt East Midlands and the Government’s Homes and Communities Agency.

The buyers then have to find the remaining 80 per cent of the price themselves. Up to 76 per cent of this could be a mortgage, leaving a deposit of just four per cent.