Barratt: Part-exchange in order to upsize

Date:Tuesday 30th September 2008
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Mortgage holders looking to upsize who cannot find buyers should consider part-exchange programmes, it has been claimed.

Barratt has recommended the option for people attempting to move up the property ladder but without buyers for their current property.

Home builders Barratt will buy a customer's current house so that the homeowner can then purchase a brand new Barratt property.

It also gives up to £1,000 a month towards the new mortgage until January 2010 and allows homeowners to stay in their old properties until the new one is ready.

Chris Ashmore, sales director at Barratt, said the system "removes all this uncertainty" about finding buyers and moving.

Another home builder, George Wimpey, is also offering a scheme to help people find mortgages.

Its Easy Start programme allows customers to get a property with a mortgage of 75 per cent of the purchase price, with no deposit needed.

George Wimpey itself provides a rent and interest-free loan to make up the difference for up to ten years.