Barratt Developments North East, has teamed up with new mortgage provider Generation Home, to help people across the region take their first step onto the property ladder, in a first-time collaboration for both companies across the country.
This new mortgage product, which launched in April, is available for potential buyers to take advantage of at nearby Barratt Homes’ Merrington Park and Burton Woods developments in Spennymoor, Burdon Green in Coxhoe, and David Wilson Homes’ The Drive at Mount Oswald development in Durham.
Generation Home is a brand new mortgage provider which lets buyers team up with friends or relatives who can ‘invest’ in property alongside homeowners to boost their buying power. Barratt Developments is the only housebuilder to offer such a mortgage product to its customers by partnering with Generation Home, with Barratt Developments North East being one of the only two divisions trialling the new mortgage solution from this month.
Barratt Developments North East understands that getting onto the housing ladder can be difficult and potential home buyers may only have a small deposit, as well as the difficulty in fewer mortgages being available. By teaming up with Generation Home across all of its developments, this new mortgage product will allow friends and family to ‘top-up’ mortgage payments when needed as a ‘home booster’ service, providing reassurance to both generations that the mortgage will always be paid.
New research from Generation Home shows that over 60% of parents said they would contribute more to the deposit if the money could be used as an investment in the property. With further research showing that 75% of parents would be happy to contribute more to a deposit if their children could make full mortgage payments with the parents only on standby to help if necessary.
Fenton Hewitt, Sales Director at Barratt Developments North East, said: “For many people who are trying to get on the housing ladder with a minimal deposit, the only way has traditionally been through the Government’s successful Help to Buy scheme. Now, through our innovative partnership with Generation Home, we are exploring different ways to help people buy their first home and take that all-important step onto the property ladder. We hope to see huge success with this new partnership, and we look forward to taking such a positive step as a first for the country.”
Once the pilots have finished and demand from customers has been established, Barratt Developments will be rolling out the service across the country. Customers who are potentially interested in buying a Barratt Homes or David Wilson Homes in the North East using a Generation Home mortgage can get in touch through the website or sales offices at specific developments. One of their approved financial advisers will then contact Generation Home to explore next steps.
For more information about Barratt Homes’ Merrington Park development, please visit: www.barratthomes.co.uk/
For more information about Barratt Homes’ Burton Woods development, please visit: www.barratthomes.co.uk/
For more information about Barratt Homes’ Burdon Green development, please visit: www.barratthomes.co.uk/
For more information about David Wilson Homes’ The Drive at Mount Oswald, please visit: www.dwh.co.uk/
For more information about Generation Home, please visit: www.generationhome.com