Barratt homebuying scheme allows parents to borrow on behalf of kids

| January 13, 2011 | 0 Comments

Barratt Developments has announced a tie-up with Hitachi Capital (UK) that will allow parents to borrow money to help their children onto the property ladder.

The developer claims the scheme is unique in the market, having been specifically designed to address current mortgage restrictions on loan-to-value ratios.

Barratt sold 4,832 homes during the second half of 2010, compared with 5,053 in the previous six month period, with underlying selling prices remaining stable.

However, private reservations per active site per week were down slightly to 0.39, reflecting weaker customer sentiment, and cancellation rates increased to 20.1% (H1: 17.8%).

Group chief executive, Mark Clare, comments: “Mortgage lending remains at unusually low levels and we view this restricted availability of mortgage finance as continuing to be the key constraint on market growth in the near term.”

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