The housebuilder is hailing the return of 95 per cent mortgages for buyers of new homes - which was announced by David Cameron and Nick Clegg as part of the Government's national Housing Strategy - as a real boost for the local housing market and local economy.
Katie Yates, Sales Manager at Barratt West Midlands, said:
"The key thing about the return of 95 per cent mortgages on new build homes is that people will no longer need huge deposits of up to 20 per cent of the price of the property.
"Even though house prices have fallen since 2007, not everyone has been able to take advantage because of the hefty deposits which lenders have been demanding ever since the credit crunch began."
"Now the banks have agreed to start lending again on new build homes at 95 per cent loan to value, so homebuyers will only need a deposit of five per cent. In practice that means that you could buy a home from Barratt Homes with a deposit of just £7,263."
"Make no mistake - this is a game changing moment for creditworthy buyers who have been understandably frustrated for years about not owning a home of their own. Anyone who doesn't have much equity in their current home but needs to take their next step on the housing ladder also stands to benefit."
Barratt Homes has already set-up a special portal for customers to register their interest online.
The 95 per cent mortgages will be on offer from all the leading lenders in the New Year, are expected to be priced at competitive rates and should not involve any more complications than getting a normal mortgage.
The product is specifically designed for new build homes.
Barratt Homes says that the 95 per cent mortgages represent one more reason why newly built homes are a better deal than their second-hand counterparts.
Katie added:
"Now that we have 95 per cent mortgages, I expect lots of local people who have been thinking about a second-hand home will look at what new home builders have to offer."
