Affordable home buying option from Persimmon Homes
On young couple are all set to move into their brand new Persimmon home, after discovering it was cheaper to buy than to rent.
Gemma Brett and her boyfriend, Adam Scotton, will be spending Christmas in their stunning new two bedroom apartment at Persimmon’s exclusive Hanbury Park development in Uxbridge.
The couple are currently lodging with close family but were desperate to find a place of their own together. But when they looked into the cost of renting in the Uxbridge area, they were stunned to discover that with the help of Persimmon’s Government-backed HomeBuy Direct scheme it would be cheaper for them to take their first step onto the property ladder and buy their own home instead.
The HomeBuy Direct scheme assists households that earn less than £60,000, who could not otherwise afford to purchase a suitable property unassisted on the open market, to buy a home.
Buyers are required to raise just 70 per cent of the purchase price with a deposit and home buyer’s mortgage. The remaining 30 per cent is then made up by an equity loan, co-funded by the Government and Persimmon Homes.
Gemma and Adam discovered that whereas typical rentals on a comparative property at Hanbury Park would set them back between £1,150 and £1,250 per month, the average monthly mortgage repayment figure on a two bedroom apartment at the development was just £824.83 (based on a 25-year repayment mortgage) – a saving of more than £300 a month.*
Gemma says: “We’ve been very fortunate in that we’ve been able to live with our parents but we really do feel it’s time to get a place of our own. We did think about renting somewhere but we were shocked just how high rents were in this area and we didn’t really want to move further away.
“I work in Uxbridge as a telebusiness account manager and my boyfriend works at Stockley Park as a European pricing specialist, so Uxbridge is ideal for is both in terms of commuting and also because we have family close by.
“We knew about Hanbury Park because my cousin lives there and we thought it’d be perfect for us, but we were worried about being able to get a big enough deposit together.
“Then the sales adviser told us about HomeBuy Direct and everything fell into place. We only had to find a five per cent deposit which we could just manage and we were also able to get a 30 per cent equity loan.
“Without the HomeBuy Direct scheme we would literally have had to save for years to get onto the property ladder and I honestly don’t know where we would have lived in the meantime.”
Gemma and Adam are due to move into a brand new ground floor apartment at Hanbury Park which features an open plan lounge / dining area and kitchen, two bedrooms with an en-suite to the master bedroom, and a separate bathroom.
Gemma says: “We’ve been going past the development all the time to see how the apartment has been coming on.
“We were really pleased with how it looks. We were able to choose the kitchen units and work surfaces and appliances like the dishwasher and fridge freezer ourselves, as well as the bathroom tiles. Now we just want to get moving and settle into our new home.”
Elaine Stratford, sales director for Persimmon Homes Thames Valley, comments: “Our new homes at Hanbury Park are in a great commuter location as they are particularly well served by rail and road links.
“Nearby Uxbridge Station offers both a Metropolitan Line and a peak time Piccadilly Line Service and it takes just 40 minutes to get to Baker Street. As Hillingdon is firmly established as one of Greater London’s most desirable boroughs in which to live, it’s no wonder that the development is proving so popular.”
To find out more, please visit the marketing suite at Hanbury Park, North Way, Uxbridge, visit persimmonhomes.com.
