Deposit yourself in your first home

First-time buyers have accelerated the rate at which they save towards a deposit, it has been claimed. According to research , 38 per cent of those already saving for the deposit on their first home said they were looking to increase the rate at which they save during 2009 and 40 per cent of those with no deposit for their first property said they had decided to start saving this year.

If this sounds familiar, and you’ve committed to save for yet another year, doesn’t that mean that your dream of moving into a home of your own has been put on the back burner for another 12 months - maybe more?

It shouldn’t have to, so says Claire Jarvis, sales manager for Persimmon Homes North West.

The Golborne-based house builder has launched its ‘no deposit’ scheme, so even if you don’t believe you have adequate funds for a deposit, you can still afford to buy and move into your very own home - not in a few months or years – right now!

Persimmon’s ‘no deposit’ incentive, available on apartments, does exactly what it says on the tin – if you haven’t got a deposit for a new home, but desperately want to move there’s no need to worry – all you’ll have to pay is a visit to the development of your choice and let Persimmon solve the deposit problem for you.

With ‘no deposit’, buyers pay 75 per cent of the value of the apartment and the remaining percentage, which acts as the deposit, is not payable for ten years or until the home is re-sold - whichever comes first. There is not even any interest or monthly charges to pay on the outstanding balance.

Ideal for those on lower incomes and for the growing number of people wanting to buy on their own, Persimmon’s ‘no deposit’ scheme is an ideal option for many buyers as it means they are able to purchase without having the cost of the whole mortgage, with no fees or monthly rental to pay on the remaining percentage. As the mortgage taken out is only for 75 per cent of the value of the property, there is saving on the mortgage interest rate that is paid.

Claire explains: “If you’re sitting at home, or are frittering away money in a rental property thinking you can’t afford a home of your own because you don’t have a deposit, you need to talk to us.

“Although research has discovered that those already saving said they intend to put away on average an extra £203 per month to get their foot on the property ladder, with our help, they can move into a their own property straight away, using any cash they may have already set aside for all those new home essentials.”

Paul Newbold, director at Warrington-based Wise One Mortgage Advisers, agrees. He comments: “Being offered the chance to move into a brand new home, without needing a deposit, is a great opportunity for the region’s first time buyers. However, these deals are extremely limited and undoubtedly won’t be available forever so anyone in the market for their own property needs to act quickly.

“First time buyers who take advantage of Persimmon’s ‘no deposit’ scheme are in a win-win situation. The 25 per cent of the value of the property, which is deferred, acts as the deposit and because the loan to value ratio is decreased, this enables them to access much cheaper mortgage rates.”

Claire concludes: “With interest rates at an all time historic low level, homes that are truly competitively priced and tailored deals such as our ‘no deposit’ scheme means it’s clearly a buyers market and that purchasing has never been so easy, or affordable.”

Persimmon Homes is currently building new communities in Baguley, Billinge, Bury, Didsbury, Ellesmere Port, Helsby, Irlam, Leigh, Lostock, Newcastle under Lyme, Openshaw, Shrewsbury, Spinningfields, Stafford, Stalybridge, Warrington, Wigan and Winstanley.

For further information, log on to Persimmonhomes.com.