This offer is available in Scotland and Wales only.
A Shared Equity scheme known as “Headstart” may be available on certain plots and in certain circumstances where government schemes such as “FirstBuy” are not available and strictly subject to the following terms and conditions together with any of the general terms and conditions set out in the reservation form, our advertisements and on this website:
- Plot and/or purchaser eligibility for Headstart is entirely at the discretion of Barratt and the first lender and no correspondence or discussion will be entered into in respect of any such matter with the purchaser or any other party.
- Headstart involves the provision of a secured loan to the purchaser by BDW Trading Limited in the amount of up to 15% of the purchase price at the time of Legal Completion. The loan is secured as a second charge on the property being purchased in favour of BDW Trading Ltd.
- The Purchaser must pay the remaining percentage (up to 85%) of the agreed price at the time of Legal Completion and must take out a first mortgage with an FSA regulated institution which will be paid in the normal way. Barratt do not offer first mortgages.
- The purchaser must contribute a deposit of up to 5% or as may otherwise be required by the lender.
- The purchaser can repay the second charge loan at any time within 10 years of Legal Completion but minimum instalment provisions apply. The purchaser must repay the outstanding balance of the loan, and any interest or costs due under the loan, at the 10th anniversary of Legal Completion (or earlier) if certain trigger events occur (but not limited to) the sale or transfer of the property to a third party or any transfer of equity. In the event that in Barratt’s reasonable opinion a case of genuine hardship applies at the end of the 10 year period, the repayment period may (at Barratt’s discretion) be extended for up to a maximum of a further 5 years. The purchaser must notify Barratt in writing before the 10th anniversary of Legal Completion if the purchaser believes they are suffering such hardship. Each application for an extension will be dealt with on a case by case basis by Barratt.
- The amount initially loaned by BDW Trading Limited will be repayable on the relevant repayment date and no interest (save in the case of default or breach) is payable on the initial loan sum. The value of your home at the time of future sale or transfer or (if you choose not to sell) at the 10th anniversary of Legal Completion is irrelevant.
- In the event that the purchaser owes any monies which are not covered by the amount of equity in the property at the time of the relevant payment date, Barratt reserves the right to pursue the purchaser for the outstanding balance, interest and costs as a personal debt.
- All monies owed to Barratt must be paid directly out of completion funds (e.g. in the event of the sale or transfer of the property).
- For full details of the second charge loan, please refer to a copy of the second charge loan agreement which you will need to sign before Legal Completion.
- The difference in value at the time of sale or transfer against the value at the time of Legal Completion will be calculated based on valuations by two independent valuers appointed by us. In the event of any dispute, an average of the valuations of the two independent estate agents is final and binding.
- You will not be liable to pay back any money made on the basis of home improvements (e.g. the addition of a conservatory or loft extension) insofar as it may affect the value of your home. Our valuations will be based on the size and quality of the home as constructed at the time of Legal Completion and any increase or decrease in value on that property, based on reasonable maintenance and wear and tear.
- This offer is not available to purchasers who will be purchasing on a “buy to let” basis.
- Individual lender's security requirements may vary.
- Lenders may withdraw from this Scheme at any time prior to Legal Completion.
- This offer cannot be used in conjunction with any other offer or scheme on the same plot.
Barratt Homes General Terms & Conditions
Any promoted Barratt offer is subject to contract and status. Offers are on selected plots only and are subject to availability. The offers advertised cannot be used in conjunction with any other offer on the same plot unless expressly stated otherwise. Prices and details are correct at time of going to press. All images are typical of Barratt homes and are for illustrative purposes only. Please contact the development in which you are interested for further details.
Barratt reserve the right to withdraw or alter any of these offers at any time prior to the payment of a reservation fee. Contracts must be exchanged within 28 days of reservation of your property. Failure to do so may result in the loss of all or part of your reservation fee.
The current specific offers being advertised in relation to selected Barratt developments are also subject to the specific terms and conditions set out above (N.B. these offers may vary from time to time and you should refer to the development in which you are interested to discover which offers are available on specific plots and developments).
Barratt will not be liable for the refusal of a mortgage based on the borrower’s individual circumstances which leads to the loss of any reservation fee. Barratt will not be responsible for the failure of any deal due to any defects in your existing property which arise as a result of an inspection or survey, whether a part exchange deal has been agreed or not.
These terms and conditions do not affect your statutory rights.
Barratt Homes is trading names of BDW Trading Limited (Registered Number 03018173) which is a subsidiary of Barratt Developments PLC (Registered Number 00604574) both with registered offices at Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF.
If you require a mortgage, you are strongly advised to obtain advice from a regulated adviser. Barratt Homes recommends from a panel of new build mortgage advisers who have extensive knowledge of the new build mortgage market, though you may, of course, seek such advice from your own mortgage adviser.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE