Parent Payback helps youngsters onto the property ladder
27 October 2011
With interest rates at an all time low, saving for a deposit for a brand new home is proving a major hurdle for many young househunters. It’s no wonder that numerous buyers have been turning to Persimmon Homes’ ‘Parent Payback’ scheme
New buyers like young Carlisle couple Steven Harding and Kerry Docherty, who were looking to buy their first home together, but found they couldn’t purchase for at least another two years because of the deposit needed.
Then they heard about the Parent Payback scheme available with Persimmon Homes from the sales adviser at its Linton Grove development, and realised their dream might become a reality sooner rather than later.
With Parent Payback, mum and dad, or any close relative, can provide up to 20 per cent of the purchase price of your new home, to form the deposit – and in return they earn five per cent interest per annum on this investment for two years.
At a time when saving for a deposit can be hard, and the returns on money in the bank are so low, the scheme represents a win-win situation for both parents and their offspring. Parents get back a great rate of interest on their money, while their children are able to take that all important first step onto the property ladder.
When Stephen, 22, who works as a butcher, and nursery nurse Kerry, also 22, visited Linton Grove and found their perfect first home, both sets of parents agreed to the Parent Payback scheme to help them on their way.
Kerry says: “Our parents thought it was a really good deal and were happy to lend the money to help see us settled. It made a big difference to me and Stephen as we couldn’t really afford the deposit without the Parent Payback scheme.
“We would have got onto the property ladder in the end, but not for a couple of years. We used to look on the internet at houses, but it was wishful thinking really, then we heard the about the scheme when we visited Linton Grove. I would really recommend people take a look at the Parent Payback scheme offered by Persimmon Homes.”
The couple are now looking forward to getting settled in their brand new two bedroom semi-detached home. Kerry says: “We’re really pleased with our new home and we were able to choose our own kitchen, bathroom, carpets and floorings. It’s exciting to be moving in and to have bought our first home together.”