South Devon Directory

Stop Dreaming. Start Living With Barratt Homes

YOUR KIDS COULD OWN A NEW BARRATT HOME, THANKS TO YOU.

• You could take out an unsecured loan for up to 15% of the purchase price towards a deposit.
• With an additional 5% cash deposit your child could then secure a mortgage to buy their new home.
• A fixed low interest rate of Typical 5.4% A.P.A.

PARENTS looking to put down a deposit to help their children buy a new home from Barratt, in Torquay will now be able to apply for an unsecured personal loan of up to £50,000 from Hitachi Capital (UK) PLC, it was announced today.

The tie-up means that for the first time parents can borrow the money to help their children onto onto the property ladder at Torre Marine without either having to re-mortgage or put a second charge on their own homes.

The product is the only one of its kind currently on the market and is specifically designed to address current mortgage restrictions. Significant numbers  of credit worthy first-time buyers are largely dependent on parental support because they do not have the 20 or 25per cent deposit which lenders now require.

But many parents – who regard home ownership for their children as a sensible medium-term investment – are often reluctant to fund a deposit if any loan has to be secured against the principle family property.

Under the Hitachi Capital loan scheme, the typical buyer will only need to raise a deposit of five per cent. An 80 per cent mortgage is available from a number of High St Lenders. And the remaining 15 per cent of the purchase price can be met through an unsecured loan from Hitachi Capital (UK) PLC to the buyers parents or legal guardian.

Hitachi Capital (UK) PLC is offering unsecured loans of up to £50,000 for a period of 12 years at a fixed rate of 5.4 per cent. There is no early repayment charges and unlimited over payments are allowed at any time during the agreement without penalty.

Caroline Hill, sales director of Barratt, said: “The product is ideal for parents who have sufficient income to service a loan but no available capital. Or people who have capital which is tied up and which they do not want access to in the short term.”

Gerald Grimes, managing director of Hitachi Capital (UK) PLC, said: “This innovative Barratt loan gives parents an affordable option to support families getting on the housing ladder without dipping into hard earned savings.”

Parents or former guardians who wish to assist their children with a home purchase from Barratt will be eligible for the loans. Applications must be UK residents, homeowners and have a good credit history.

Torre Marine offers a mix of apartments and houses with two, three or four bedrooms. Current availability includes a York style apartment with two double bedrooms priced from £150,000.

Torre Marine offers a mix of apartments and houses with one, two,three or four bedrooms. Current availability includes the Endsleigh, a spacious one bedroom apartment with parking for only £134,950.

For further information on current availability call the Torre Marine sales office, open seven days a week from 11am to 6pm on 01803 296150 or visit http://www.barratthomes.co.uk

* Offer available on selected plots only. Terms and conditions apply. Subject to contract and status. See website for details. Actual amount of the loan will depend on Hitachi Capital (UK) PLC lending criteria. Subject to use of Barratt appointed conveyances. Barratt receives the right to withdraw or alter this offer at any time prior to the payment of a reservation fee. Customers must complete a credit agreement with Hitachi Capital (UK) PLC who reserve the right to withdraw or alter this offer at any time prior to the acceptance of the credit agreement. Images typical of Barrat loans. Prices correct at time of going to press.

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