New homes become more affordable than ever

Whilst gloomy housing market reports and poorer availability of credit may have unnerved some people, determined house hunters will be pleased to learn that new homes are now more affordable then ever thanks to Persimmon Homes’ latest shared equity scheme.

Until recently, the incentive was only available on apartments, however, the success of the scheme has taken the housebuilder by surprise, proving that house seekers are determined to buy if they can benefit from an exceptional rate.

The Helping Hand incentive helps buyers secure a mortgage by enabling them to pay for just a percentage of the property’s value, yet own it entirely. Buyers pay just 75 per cent of the property’s value on apartments and as of this month they will be able to buy a house based on the same principle at 85 per cent of its market value.

Purchasers then have up to ten years to pay back the remaining 15 per cent. With most people’s salaries certain to increase over a ten year period, the opportunity of no interest to pay on the remaining amount, Helping Hand offers an affordable way to home ownership.

This means that the two bedroom Denmid house at Persimmon’s Dickens Quarter development in Portsmouth, priced at £179,950, actually requires a buyer to secure a mortgage for just £ 152,958, making the purchase a lot more affordable in the current credit conditions.

The incentive is ideal for those on lower incomes and single buyers because it enables them to buy a home without the cost of the whole mortgage, with no fees or interest to pay on the remaining percentage.

Rob Allen, sales director at Persimmon Home South Coast, comments: “Many househunters have given up on the idea of buying a home as they can no longer obtain adequate credit on their salary despite the fact this would have been possible a year ago. Helping Hand has helped many of our buyers in recent months and we hope it will do the same here in the South Coast.

“The scheme makes a real difference to purchasers as it allows them to take out a smaller mortgage with the assurance that they do not have the repay the outstanding amount until they feel more financially secure. Anyone who is in the market for a new home should get in touch to see how the shared equity scheme could help them.”

Helping Hand is available on selected homes at Persimmon’s developments in Amesbury, Blandford Forum, Basingstoke, Bognor Regis, Collingbourne Ducis, Lee on the Solent, Portsmouth, Petworth, Salisbury, Shaftesbury, Whiteley and Verwood.

For further information on the range of properties available via Helping Hand visit Persimmonhomes.com to find your nearest development and download a brochure.