Assistance for buyers has never been so food says Persimmon

With the current state of the mortgage market and the recent economic downturn, David Roberts (24) and his fiancé Jennet Jones (23) thought they wouldn't be able to get a foot on the property ladder any time soon, but thankfully Persimmon Homes South Midlands came to the rescue.

"With countless obstacles facing first time buyers, from saving a deposit to finding a mortgage, it's no wonder several are being cautious about purchasing their first home," states Alison Reading, sales director for Persimmon Homes South Midlands.

David and Jennet had heard about the Government-backed 50 per cent shared equity First Time Buyer Initiative (FTBI) and knew that as part of Persimmon's commitment to first timers, the company was offering the scheme at it's Cleobury Meadows development in Cleobury Mortimer.

David comments: "When we visited the development, we not only found the home of our dreams, but an excellent deal that meant we were able to secure our first property without breaking the bank."

Persimmon suggested FTBI to the couple as it meant that they initially just had to pay for 50 per cent of the property although they become the sole owners immediately.

Jennet states: "Not only did we not have to find a deposit, but we were also able to secure a mortgage on our two bedroom home because the amount it had to cover was considerably less. Using the FTBI has made it a far more cost effective and affordable way to buy.

"And with our salaries certain to increase over the next ten years, we will be able to pay off the remaining 50 per cent quite easily."

David adds: "We have ultimately secured a very cheap loan, as there is no interest to pay on the remaining 50 per cent for the first three years.

"We are so relieved that we have finally managed to buy our own place and we would certainly recommend the scheme to anyone in our position. It seems the slowing housing market is opening up all sorts of opportunities for people like us, so it's not all doom and gloom!"

Alison concludes: "At Persimmon we understand the financial constraints of buying a first home, which is why we are doing everything we can to work towards assisting those looking to buy onto that all important first step on the property ladder."

FTBI at Cleobury Meadows Cleobury Mortimer is open to individuals who live in the wider area of the town, and currently do not own a property, including key public sector workers such as the police, nurses and teachers.

Persimmon's range of properties at the development includes a number of two, three and four bedroom homes. Prices start from just £148,995, and with the FTBI, purchasers would pay as little as £74,498.

Cleobury Meadows is situated off Catherton Road, a short drive from Kidderminster, Ludlow and Leominster, and offers good access to other towns in Shropshire, as well as the M5.

For the full range of properties available at Cleobury Meadows or to find out if you are eligible for the FTBI, log on to Persimmonhomes.com to download a brochure.