NewBuy scheme helps couple find dream home

An Oxfordshire couple have finally been able to afford their dream home, thanks to the Government-backed mortgage indemnity scheme, NewBuy, which was launched in March 2012.

The NewBuy scheme is aimed at boosting the housing market for both first time buyers and those looking to move up the property ladder, with purchasers requiring just a five per cent deposit.

Luke and Caroline Dendy had been renting for over five years and thought that they would never be able to afford their own home. Although they saved for many years, getting married and having their first child put a dent in their savings.

When they discovered their dream three storey home at the Persimmon Homes Great Western Park development in Didcot, Oxfordshire, the couple quickly saw the NewBuy initiative as the obvious solution.

Caroline said: “Within the last two years our savings had dwindled and we had accepted the fact that it was going to be a number of years before we could buy our first family home. Then we heard about NewBuy. We visited the Persimmon Homes showhome on Great Western Park in Didcot and fell in love with the Wallingford. We couldn’t believe our luck and had to grab this chance while we could.”

The Government’s NewBuy scheme, which is backed by housebuilders, is aimed at increasing the availability of low-deposit mortgages. With no salary cap, purchasers can secure a 95 per cent mortgage product on new homes up to the value of £500,000.

Steve Roche, managing director for Persimmon Homes Wessex, said: “The NewBuy initiative is aimed at helping people just like Luke and Caroline.

“It provides an attractive mortgage option for our buyers. We were delighted to have helped the Dendy’s in securing one of our Great Western Park houses and hope they are very happy with their new home.”

To find out more about Persimmon Homes, visit persimmonhomes.com.