Persimmon's lifeline for 50 first time buyers

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

Since April this year, Wolverhampton-based Persimmon Homes West Midlands has helped more than 50 first time buyers who can't afford to wait any longer to get onto the property ladder, via its Helping Hand shared equity scheme.

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 - in this case, 100 per cent of the property for 75 per cent of the price*, with no fees or monthly rental to pay on the 25 per cent.

And as no 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, Anita Williams, sales and marketing director for Persimmon Homes West Midlands, said: "Taking the first step on the property ladder is very important and 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 Helping Hand from Persimmon 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 75 per cent at the point of reservation. They can then delay paying the remaining 25 per cent 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 50 young buyers make this exciting move, and with properties priced from just £74,950 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 in Telford, Cannock, Tamworth, Lichfield, Pype Hayes, Smethwick, Yardley Wood, Newport, Wordsley, Tipton and Bridgnorth. For more information, log on to Persimmonhomes.com.