Buying could be cheaper than renting with Persimmon

Persimmon Homes East Midlands knows the importance of being able to own your own home, which is why the company is supporting a Government-led scheme to offering a 50 per cent shared equity scheme at it's The Waterfront development in Boston.

"While new homes in many places across the UK still represent good value for money, as an industry we have to accept that many purchasers are finding it difficult to get a foot on the property ladder in the current climate," states Steve Matthews, sales director of Persimmon Homes East Midlands. "My Choice Homebuy is a fantastic initiative to get first time buyers and those with lower incomes on the move into their dream home."

Under the initiative, purchasers would pay their mortgage on the first 50 per cent, while the remaining 50 per cent is payable over ten years and at just 1.75 per cent, which is well below the average rate of repayment loans, making an extremely affordable option*.

Take for example a one bedroom apartment at The Waterfront, currently priced from £99,995. With the My Choice Homebuy scheme, the apartment is just £49,997.50, meaning that it's cheaper to buy a brand new house than rent in the area.

Steve continues: "Shared equity makes a real difference to buyers as it allows them to take out a mortgage which they feel more comfortable with, while holding off paying for the remaining percentage for a few years until they feel more financially secure."

Jeremy Drew, managing director for Rosedale Property Agents, adds: "Boston is an extremely popular residential location and The Waterfront provides a beautiful opportunity to purchase a new build home.

"With rental figures now averaging £525 for apartments in the area, Persimmon's 50 per cent shared equity scheme means that buying is a much more affordable option than renting in Boston.

The Waterfront benefits from easy access to Boston's plentiful amenities as well as excellent transport links to Lincoln and the coast. London can be reached from Boston's train station in a little over two hours.

For further information on The Waterfront in Boston, visit the on site marketing suite open Thursday to Monday from 10.30am to 5.30pm, or see Persimmonhomes.com.

* Terms and conditions apply