Three different shared equity schemes are being offered to new buyers by one housebuilder in the north Midlands.

Barratt is now offering would-be homeowners a variety of equity share options to suit their financial needs, making the properties at its Friars Park, Celtic Village, Park Mews and Riverside Walk developments more affordable.

Dream Start allows buyers to pay 75 per cent of the asking price, while Head Start gives the option of buying an 85 per cent share of the home, with the remainder funded through a deferred loan from Barratt.

In addition, the government's HomeBuy Direct scheme gives purchasers the ability to pay just 70 per cent of the asking price at the outset.

"Many buyers also find that they no longer require a deposit with the shared equity offers, because part of the Barratt loan may be taken as an alternative by mortgage lenders," said Barratt sales director James Poynor.

The government's HomeBuy Direct initiative was introduced as a response to a lack of credit in the housing market, which has led to the most severe market conditions since the early 1990s.

Source: Direct News 22/4/09