Escape the Colchester rent race

Persimmon Homes Essex is making it easier for anyone living in a rental property to buy a brand new home of their own.

Typical rent on a two bedroom apartment in Colchester, according to Persimmon, costs in the region of £650 per calendar month, however, with the company’s commitment to the Government-led HomeBuy Direct 70 per cent shared equity scheme, would-be-buyers could buy a brand new apartment at the Bloomsbury Mews development yet pay just £400 a month in mortgage repayments*.

“Anyone who is frittering away money in a rental property thinking they can’t afford a new home of their own because they don’t have a deposit, or believe they can’t stretch to taking out a mortgage needs to talk to us as many people’s rent is equal to, or in some instances, actually more than repayments,” comments Neil Sykes, sales director for Persimmon Homes Essex.

He continues: “Competitive house prices coupled with tailored deals to get househunters on the move and an interest rate at its lowest in its 315-year history, means it’s a buyers market and proves that purchasing has never been so easy, or affordable.”

Anyone who hasn’t built up enough of a deposit for a new home, but desperately wants to move should pay a visit to Persimmon’s Colchester development where the expert sales advisers can talk them through HomeBuy Direct.

In essence househunters will only be required to raise funding for 70 per cent of the purchase price including a mortgage plus any small deposit. The remaining 30 per cent is made up by an equity loan which is co-funded by the Government and Persimmon Homes.

Ideal for those on lower incomes (less than £60,000 pa) and for the growing number of people wanting to buy on their own, HomeBuy Direct 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.

Under HomeBuy Direct prices at Bloomsbury Mews start at just £90,965 for a two bedroom apartment.

Neil concludes: “Buyers who take advantage of our HomeBuy Direct properties are in a win-win situation. The 30 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.”

Bloomsbury Mews is situated perfectly for Colchester’s city centre. All properties at Bloomsbury Mews are bespoke designs by architects Melville Dunbar and alongside this, a centre is being created to include shops, a crèche and surgery will all form part of the community when complete. The development also benefits from being in close proximity to the local train station, meaning London is just a 50 minute commute.

For further information the homes available, visit Persimmonhomes.com.

* Figures correct as of April 2009.