Bluebell Nuneaton

Barratt pays interest to parents who put down a deposit on home for the kids

20th October 2010

Warwickshire's leading housebuilder has unveiled a ground-breaking new scheme to reward the growing number of parents who put down a deposit on their children's first home.

Barratt Mercia will pay the interest which Mum and Dad would have earned on their savings at a highly competitive rate of five per cent - well above the Bank of England's base rate.

The offer means that parents who want to help their offspring get on the first rung of the property ladder can do so without losing a penny of interest on their savings.

Under the scheme - which is appropriately called 'Parent Power' - Barratt Mercia will pay five per cent interest per annum for a full five years on a deposit of up to 20 per cent. So if a parent puts down a maximum £24,000 deposit on a property costing £120,000, they will receive the equivalent of £1,200 a year in interest for five years. This is paid in a lump sum of £6,000 at the time of completion.

"The reality of high house prices is that a growing number of parents now put down a deposit to help their son or daughter to buy a property of their own," said Steve Barton, Sales Manager for Barratt Mercia.

"But if that money is used to fund a deposit, it means that it isn't in a high-interest savings account earning money for Mum and Dad.

"This new scheme gets around that problem because you can pay a deposit on a new Barratt home for your children and we will pay you the interest you would have earned on the money."

The offer is not restricted to parents and is also available to other family members or friends who want to help a first-time buyer move into a home of their own.

Barratt is currently building a range of homes at the following developments in Warwickshire:

Bluebell
Queen Elizabeth Road
Camp Hill
Nuneaton
CV10 9BS
Tel: 02476 399 520
Bluebell comprises two-, three- and four-bedroom houses priced from £124,950. The sales office is open daily from 10am to 5pm.

Zest
Exhall Road
Keresley End
CV7 8LP
Tel: 02476 335 831
Zest offers a selection of three- and four-bedroom houses priced from £175,000. The sales office is open daily from 10am to 5pm.

For more information, please contact the sales office. Alternatively, please call the sales hotline on 0844 811 9988 open seven days a week from 8am to 9pm or log on to www.barratthomes.co.uk