Getting more for your money

Whilst gloomy housing market reports and poorer availability of credit may have unnerved some people, determined house hunters will be pleased to learn that new homes are now more affordable than ever thanks to Persimmon Homes’ backing of the Government’s latest shared equity scheme.

Studley-based Persimmon Homes South Midlands is launching a limited collection of properties priced at 70 per cent market value at its Abbots Court development in Leominster and is hosting an open weekend on the 7th and 8th March to give would-be househunters advice and information about the scheme.

The event, which will take place in the newly finished three/four bedroom Leicester and the four bedroom Horseshoe viewhome designs, will be hosted by Persimmon’s sales team.

With properties sold under the HomeBuy Direct scheme, househunters will be required to raise funding, including a mortgage plus any deposit where available, of at least 70 per cent of the purchase price. The remaining 30 per cent will be made up by an equity loan which is co-funded by the Government and Persimmon Homes.

Households earning less than £60,000 who can not otherwise afford to purchase a suitable property unassisted on the open market will be eligible to apply.

Alison Reading, sales director for Persimmon Homes South Midlands, states: “This simple initiative to assist with home ownership also has the added benefit of no interest to pay on the remaining amount over a five year payback period.”

Alison adds: “Many househunters have given up on the idea of buying a home as they can no longer obtain adequate credit on their salary despite the fact this would have been possible a year ago. We believe that HomeBuy Direct will help many of our buyers who are keen to buy at our beautiful Leominster development.

“The scheme makes a real difference to purchasers as it allows them to take out a smaller mortgage with the assurance that they do not have the repay the outstanding amount until they feel more financially secure. Anyone who is in the market for a new home should get in touch to see how the shared equity scheme could help them.”

Abbots Court is just a short drive from the delightful market town of Leominster, a scenic town which dates back to the seventh century, and is characterised by a varied mix of architectural styles ranging from medieval simplicity to Georgian splendour. With its bustling atmosphere, a good selection of cafes, pubs and antique shops, beautiful countryside and tourist attractions nearby, it is an ideal place for relaxed living with access to other towns via the A41 and A44.

For more information, log on to Persimmonhomes.com.