HomeBuy Direct is here to stay thanks to Persimmon
24 November 2010
With several new build housing developers in Gloucester having said goodbye to the popular Government-led shared equity scheme HomeBuy Direct, first time buyers may be forgiven for thinking they won’t be able to afford the home of their dreams in the area.
Thanks to Persimmon Homes South Midlands though this needn’t be the case as thanks to further funding from the Government, the company is the only homebuilder in the region to extend the scheme to allow those starting out on the property ladder to comfortably achieve affordable home ownership at its Persimmon Vale development in Quedgeley.
Alison Reading, sales director for Persimmon Homes South Midlands, explains: “Through Kickstart funding, we are able to continue to offer the 70 per cent shared equity scheme HomeBuy Direct on our three bedroom properties, which comes as welcome news both for us and our purchasers.
“We’re urging househunters to register their interest sooner rather than later though as the scheme is only available for a limited period and is only on selected homes at Persimmon Vale.”
Through the initiative homebuyers will own 100 per cent of their property after initially raising a mortgage and a small deposit for 70 per cent of the asking price. This means prices at Persimmon’s sought-after development start from as little as £124,250.
Alison adds: “In the South Midlands region alone we’ve supported dozens new purchasers through HomeBuy Direct, and a great proportion of them are now living at our Quedgeley development, so it’s a vital tool for both us as a company and our new residents.”
HomeBuy Direct is available to those who earn a household income of less than £60,000. Househunters will be required to raise funding by way of a mortgage of 70 per cent of the purchase price and a small deposit. The remaining 30 per cent will be made up by an equity loan which is co-funded by the Government and Persimmon Homes and is interest free for five years.