Affordable home buying option from Persimmon homes
17 November 2012
One 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 moving into a 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.
“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.”
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.
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.”
HomeBuy Direct scheme - Price of £242,950, based on 65% of full purchase price the mortgage will be £157915 with Deposit of £12148 based on 5% of the full Purchase Price. Monthly repayment of £824.83 based on 25 year term. Eligible applicants will be offered an equity loan of up to a maximum of 30% of the purchase price (based on the open market value). Applicants are required to fund at least 70% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be multiplied by RPI+1% p.a. The equity loan is provided by the HCA and Persimmons and held as a joint second charge. Terms and conditions apply and full details will be provided on request. This offer is only available on selected developments and properties in England. It is not offered with any other promotion. Applicants will need to use a mortgage broker from Persimmons panel, who will act solely for the applicant. For full details please contact the appropriate marketing suite. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Homes for sale in Uxbridge