Mortage help for first-timers

TWO Nottinghamshire-based companies are working together to provide the region’s first time buyers with an opportunity to achieve an affordable first step on to the property ladder.

Barratt East Midlands has teamed up with The Mansfield Building Society to offer an exclusive mortgage product to purchasers who chose to buy a new Barratt home on the recently introduced Government-backed scheme, FirstBuy.

FirstBuy was announced by the Chancellor in March’s budget and aims to make home ownership more affordable by allowing eligible purchasers to initially buy a new home for just 75 per cent of the asking price and with a 5 per cent deposit.

The remaining 20 per cent is funded by a joint loan from Barratt and the Government’s Homes and Communities Agency (HCA).

Barratt announced in June that it had received a FirstBuy allocation and has subsequently teamed up with The Mansfield Building Society to offer its customers an exclusive mortgage product.

Mark Wright, Managing Director at Barratt East Midlands, said: “As a housebuilder, we are dedicated to helping Nottinghamshire’s first time buyers get that valuable first foot on to the property ladder and mortgage deals which only require a small deposit are vital in making home ownership more accessible.”

The Mansfield Building Society’s FirstBuy mortgage is an offset discounted scheme, which links the mortgage with a non-interest earning savings account.

This mortgage features an attractive discount of 2.6 per cent off the Society’s standard variable rate of 5.59 per cent resulting in an initial variable payable rate of 2.99 per cent,

Nigel Quinton, Chief Executive at The Mansfield Building Society, said: “We are delighted to have joined forces with Barratt to bring home ownership in reach for many people in our main operating area.” Initiatives of this kind have a pivotal role to play in these exceptional market conditions”.

Mark adds “Our FirstBuy allocation is limited and will be awarded to homebuyers on a first come, first served basis. With that in mind, I’d encourage anyone who is looking for an affordable route in to home ownership, to get in touch today.”

Paul Spooner, executive director for the HCA Midlands said; “Thanks to FirstBuy, 2,500 first time buyers in the Midlands will be able to get a foot on the property ladder, while house builders including Barratt will benefit from an additional source of sales, giving a much-needed boost to the development industry.”

FirstBuy and The Mansfield Building Society’s FirstBuy Mortgage is available to first time buyers who purchase a new home at any of Barratt East Midlands’ developments throughout the region which include: