Cheaper to buy than rent in Blandford Forum

Potential first time home buyers in Blandford Forum, Dorset, could be financially better off buying a property rather than renting, so says Persimmon Homes South Coast.

According to Persimmon, rent on a one bedroom apartment in the town costs between £500 and £525 per calendar month. However, with the Government-supported FirstBuy scheme, would-be-buyers could buy a similar new build property at Badbury Heights, Persimmon’s development on Gurkha Road, and pay significantly less in mortgage repayments – repaying their own mortgage as opposed to rent to a landlord in the process.

For example, with FirstBuy, the one bedroom apartment at plot 12 at Badbury Heights, is priced at just £93,710. Based on figures from Persimmon’s nominated independent financial adviser, buyers could expect to pay, on average, just £438 per calendar month in mortgage repayments*, which equates to an average saving of more than £70 per month.

Rob Allen, sales director for Persimmon Homes South Coast, said: “Anyone who is frittering away money in a rental property thinking they can’t afford a new home of their own and can’t stretch to taking out a mortgage, needs to talk to us as many people’s rent is often more than repayments.”

He continues: “Competitive house prices, home moving schemes including FirstBuy and an all time low interest rate of just 0.5 per cent means it’s a buyers market and that purchasing has never been so easy, or affordable.”

FirstBuy is offered through equity loan funding of up to 20 per cent of the purchase price split equally between the Homes and Communities Agency and Persimmon, with purchasers being required to raise funding (a mortgage plus deposit) of at least 80 per cent of the purchase price.

For further information on the range of properties and home moving incentives available at Badbury Heights, visit persimmonhomes.com.