Buyers in Houghton Regis can now access a new homebuying scheme – designed to help make getting on the property ladder a more affordable option. Housebuilder Barratt Homes has joined forces with heylo to launch the new scheme – Home Reach – which supports buyers looking to buy a new home at the developer’s Linmere development on Houghton Road.
Home Reach is a Part-Buy Part-Rent scheme designed to make owning a home a more affordable option for local buyers in Bedfordshire. The innovative scheme at the Linmere development will mean that a one-bedroom home can be purchased with a 5 per cent deposit of £5,050.
With Home Reach, buyers can purchase up to a 75 per cent share of a new Barratt home at Linmere with a five per cent deposit – leaving a low monthly rent on the remaining share. Buyers can purchase more shares over time through a process known as staircasing – and will eventually own 100 per cent of the home.
Karly Williams, Sales and Marketing Director for Barratt North Thames, commented: “We’re very excited to be launching Home Reach at our new homes at Linmere and creating affordable opportunities for local buyers. With a lower deposit required upfront and to be able to access a more affordable mortgage rate, the scheme allows buyers to own their home in more manageable stages.
“This will be welcome news to local first time buyers who perhaps don’t have access to the bank of mum and dad and are keen to take those first steps onto the housing ladder.”
Wayne Bennett, National Partnerships Director at heylo comments “We’re delighted to working alongside Barratt offering Home Reach at Linmere. It’s an exciting opportunity to provide the perfect home for aspiring buyers, allowing them to purchase a share of their home (up to 75% initially) with the ability to buy more shares at any point. Home Reach’s flexibility means the customer’s budget decides on the size of the share – not the size of their home.”
Linmere by Barratt Homes offers buyers ninety acres of open green spaces and landscaped parks, with playgrounds, cycle tracks and walking routes all integrated into the development. The site will also include new schools and leisure facilities for residents.
Karly continued: “As well as guaranteed quality housing, buyers at Linmere are also buying into a lifestyle. Residents here have everything they could need right on their doorstep, from supermarkets and cafés to cycle paths and walking routes. Since lockdown, the large areas of open space on the development in particular have been a huge pull for buyers.”
There are currently a range of one and two bedroom apartments available with Home Reach at Linmere. A one bedroom home at a 50% Home Reach share price is available from just £101,000. To find out more about Barratt North Thames or the new homes at Linmere please visit www.barratthomes.co.uk or call 0333 3558 500.