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Melanie moves in
First Time Buyers’ Initiative
When a job change for travel consultant Melanie Latham brought her back to England from Spain, she hoped to be able to settle down in a home of her own, near to Heathrow airport.
But with rising house prices, Melanie was one of many who found herself priced out of the housing market, and it seemed that buying a property of her own was a dream.
Today, Melanie is the proud owner of a two-bedroom flat on a brand new development by Barratt in Feltham, west London, thanks to being one of the first people in the country to benefit from our First Time Buyers’ Initiative (FTBI).
The Initiative – part of the government’s ‘HomeBuy’ low cost ownership scheme – enables aspiring homeowners to buy a minimum of 50 per cent of a new home with English Partnerships providing the remainder of the funding via a direct payment to the developer.
For the first three years there are no fees to pay to English Partnerships on the un-owned share. This means first-time buyers will only be responsible for their own mortgage repayments in the early years when they are most likely to be short of cash.
“My apartment is fantastic. I’d recommend the location; with everything on the doorstep, it’s ideal for busy professional people. It’s extremely difficult to get onto the property ladder but the FTBI makes buying a home affordable for ordinary people. I never expected to own a property like this with a really high specification.” Melanie Latham
