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Popular scheme; Property News.

THE NewBuy scheme, which allows buyers to secure a new build home with just a 5% deposit, has really taken off in the North-east according to Barratt Homes.

The housebuilder is reporting a surge of interest recently in the Government-backed 95% mortgage scheme and is hosting special events at its Teesside developments this weekend to explain how it works to potential purchasers.

Fenton Hewitt, sales director at Barratt North East, said: "There has been a real surge of interest in NewBuy in 2013. Since Christmas the reservations rate for customers using the scheme has almost doubled.

"We are now targeting 10-15% of sales from NewBuy and the cut in the mortgage rates for the product is contributing to the increase in consumer interest that we are experiencing."

Nationally, 3,000 people have now reserved a new home using the scheme, according to the Home Builders Federation, and interest rates on NewBuy mortgages have dropped significantly, increasing its availability and appeal to buyers.

Barratt is hosting events at Mandale Park in Thornaby, Meadow Rise in Stockton, and The Elms in Norton, where sales advisers will be on hand to offer expert advice and answer any questions.

"We're looking forward to welcoming lots of visitors," said Fenton. "I think many people are unaware of the help available to them, so these events provide a great opportunity for us to show how affordable it can be to buy a new home.

"Visitors can also obtain free mortgage advice, enjoy some refreshments and take a leisurely look around our showhomes."

The events run from 10am-5pm on Saturday and Sunday. For details, call 0844 811 55 99 or visit www.barratthomes.co.uk

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EVENT: One of the showhomes at Mandale Park, Thornaby, where Barratt North East is hosting a NewBuy event this weekend
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Title Annotation:Features
Publication:Evening Gazette (Middlesbrough, England)
Date:Jan 31, 2013
Words:300
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