Deposit requirements slashed with Barratt and NewBuy in Cambridgeshire


Wednesday 3rd October 2012


NewBuy requires a deposit of as little as £7,000 at Cathedral View

Saving a large enough deposit to satisfy the mortgage company is one of the biggest hurdles facing homebuyers today. The government's NewBuy scheme, introduced in March 2012, aims to address this by offering creditworthy purchasers access to mortgages that only require a 5% deposit. At Barratt Homes' developments of new homes in Cambridgeshire, this reduces the amount needed to buy a property from at least £21,000 to around £7,000.

NewBuy is open to first-time buyers and homeowners looking to move, and is available on properties valued up to £500,000. Barratt is offering a variety of property types available under the NewBuy scheme at its Cathedral View development in Ely, with its selection of two- and three-bedroom houses for sale, and at Summers Field in Cambridge, which offers a mix of two-, three- and four-bedroom properties.

Barratt Homes sales director Sue Blackman says: "We see this as a game changer for the Cambridgeshire housing market. Creditworthy families who have put their plans to buy a new home on hold for the last few years can once again think of their future. It's fantastic news for local homebuyers and the economy alike. Many have been frustrated with the huge deposits of 15% or more needed on the open market and the new scheme is enabling homebuyers to finally get moving. Thanks to this scheme the deposit needed for a new home has been radically reduced - customers can borrow more at a lower interest rate than was previously the case."

Prices start at £140,000 at Cathedral View. With a typical 85% mortgage, a buyer would need to put down £21,000 - with NewBuy, that requirement comes down to £7,000. At Summers Field, prices start at £160,000 and the minimum typical deposit of £24,000 is reduced to £8,000 with a 95% NewBuy mortgage. Over 1,300 people have already been able to purchase a home with a NewBuy mortgage since its launch and Barratt Homes has noticed that interest in its new-build homes has increased in that time and that Newbuy is gaining momentum.

Sue adds: "We're beginning to see significantly more sales using this scheme and homebuyers' confidence is growing. But it's important to understand that the scheme only applies to new-build properties in the area and is not available for second hand homes."

New Homes by Barratt Homes

Aspire, Hull
Aspire, Runnymede Lane, Hull, HU7 3AD
NOW AVAILABLE from £99,995
Aspire in Hull is a stunning development of two, three and four bedroom homes. These new homes in Hull are the first of the exciting new 'classic'...
Ballerup Village
Ballerup Village, Tinto Way, East Kilbride, G75 9DQ
NOW AVAILABLE from £142,495
A charming community which, once complete, will offer a dynamic collection of two, three and four bedroom homes. This superb development is located...
Ballinkeir Place
Ballinkeir Place, Kilsyth Road, Longcroft, FK4 1QA
NOW AVAILABLE from £132,995
Welcome to Ballinkeir Place in Longcroft, a neighbourhood featuring our new top of the range homes including three bed terraced and semi-detached...
Barratt @ Eskbank
Barratt @ Eskbank, Dalhousie Road, Dalkeith, Midlothian, EH22 3NX
NOW AVAILABLE from £259,995
Barratt @ Eskbank is a fantastic new development located close to the River Esk to the south of Edinburgh city. Featuring a selection of seven...
Barratt @ Phoenix Park
Barratt @ Phoenix Park, Hoy Gardens, Motherwell, North Lanarkshire, ML1 4GW
NOW AVAILABLE from £109,995
We are proud to introduce Phoenix Park, located in Ravenscraig - Scotland's newest town for fifty years. This is an exciting new development which...
Barratt At Newton Village
Barratt At Newton Village, Stenson Road, Stenson Fields, Derby, DE24 3AT
NOW AVAILABLE from £169,995
Newton Village is a beautiful new development situated in Stenson Fields. Just minutes from the local Golf Course and supermarket it's a great place...
Barratt Homes @ Pl2
Barratt Homes @ Pl2, Ham Drive, Plymouth, City of Plymouth, PL2 2NL
NOW AVAILABLE from £149,950
PL2 is a flagship development built in partnership with Plymouth Community Homes as part of a huge regeneration project in North Prospect. PL2 is...
Barrows Place
Barrows Place, Bloomfield Road, Tipton, West Midlands, DY4 9DF
NOW AVAILABLE from £126,500
Barrows Place is a fine example of urban living in a popular location. Conveniently located close to Dudley town centre and sitting within the town...
Becket's Brow
Becket's Brow, Hayfield Road, Chapel En Le Frith, High Peak, Derbyshire, SK23 0JP
NOW AVAILABLE from £189,995
This new development is situated in a lovely rural location and will comprise a fantastic range of one, two, three and four bedroom family homes,...
Belmont Place
Belmont Place, Gladwin Way, Harlow, Essex, CM20 2JF
NOW AVAILABLE from £314,950
Belmont Place in Harlow is a beautiful collection of houses nestled within spectacular countryside surroundings close to an abundance of amenities...
Berry Edge
Berry Edge, Genesis Way, Consett, Durham, DH8 5XP
NOW AVAILABLE from £129,995
Berry Edge is an exciting development in Consett, County Durham. It sits high on the edge of the Pennines, and is just 15 miles from the vibrant city...
Bluebell Gate
Bluebell Gate, Holtye Road, East Grinstead, West Sussex, RH19 3EY
NOW AVAILABLE from £429,995
Bluebell Gate is a stylish selection of contemporary two, three, four and five bedroom homes near the historic Sussex market town of East Grinstead....