Persimmon's lifeline for first time buyers

In a time where many young first time home buyers may feel that they can't afford to take that exciting first step on the property ladder, it's reassuring to know that one housebuilder is pulling out all the stops to help them do just that.

During last week alone, 80 per cent of sales for Leeds-based Persimmon Homes West Yorkshire were as a direct result of its Helping Hand shared equity incentive.

Ideal for first time buyers and for the growing number of people wanting to buy on their own, Persimmon's Helping Hand shared equity scheme is an ideal option for many buyers as it means they are able to buy a home without having the cost of the whole mortgage.

On a number of very special properties, buyers pay 75 per cent of the value of the property with the remaining percentage not payable for ten years or until your 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 Helping Hand scheme is an ideal option for many buyers as it means they are able to buy a home 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 may even be a saving in the mortgage interest rate that is paid.

And as no five per cent deposit is needed, buyers can literally move now and pay later, meaning a brand new property is within easy financial reach.

Commenting on the shared equity incentive, Andrew Demain, business development director for Persimmon Homes West Yorkshire, said: "Taking the first step on the property ladder is very important however, many young house hunters may still wrongly believe they can't afford a home of their own.

"We understand buying a home can be a daunting experience but with our Helping Hand scheme, this needn't be the case. This incentive makes a real difference to our purchasers as it allows them to take out a mortgage which they feel comfortable with, own 100 per cent of their new home outright, yet only paying for a percentage at the point of reservation. They can then delay paying the remaining amount for up to ten years or until their circumstances change, whichever comes earlier.

"Any first time buyer for a new home should get in touch to see how our Helping Hand shared equity scheme could help them onto the property ladder. We have already helped numerous young buyers make this exciting move, and with properties priced from just £74,999 with Helping Hand, you too could be moving into your very own home sooner rather than later."

Persimmon Homes is currently offering Helping Hand shared equity scheme in Castleford, Cleckheaton, Gomersal, Heckmondwike, Northowram, Ripponden, Southowram, Horbury and Swarcliffe in Leeds.

For further information, log on to Persimmonhomes.com.