PERSIMMON PROVES IT’S CHEAPER TO BUY THAN RENT
24 May 2012
The first househunter to have purchased at Persimmon Homes’ Sovereign Fields development at Jennett’s Park through the new FirstBuy shared equity scheme is now looking forward to moving into her new home.
Professional nanny Donalda Dewar was living in rented accommodation but was keen to get onto the property ladder in Bracknell.
She found her ideal home at Sovereign Fields – she had her heart set on a two bedroom apartment which has been released as part of the new Kensington Collection, but without the Government-funded FirstBuy scheme, it would have remained purely a dream.
Donalda says: “It was the quality of Persimmon’s properties which was important to me and I really liked the location of the development. It’s not far from Bracknell’s town centre, yet near the countryside too. It’s adjacent to the country park, so it’s a lovely place to live.
“I definitely couldn’t have bought without the help of the FirstBuy shared equity scheme. It opens up new hope for people who are struggling to get a deposit together. I only had to pay a fraction of what a normal deposit would have been.”
FirstBuy is the brand new Government-funded shared equity scheme which helps a range of househunters from first time buyers to families onto the property ladder. Eligible applicants are offered an equity loan of up to 20 per cent of the purchase price and gain a mortgage for the remaining amount.
Demonstrating how affordable buying through the scheme is, a recent report from an independent financial adviser highlights a typical repayment mortgage on a Persimmon property stands at £939 per month, which is £460 less per month than renting a comparative property in Bracknell.*
Donalda adds: “This is such a cost effective option and I’m now looking forward to moving in December and planning my first Christmas in my own home!”
Elaine Stratford, sales director for Persimmon Homes Thames Valley, adds: “28 per cent of our purchasers in this year alone have used a shared equity such as FirstBuy and it’s wonderful to hear about success stories such as Donalda’s. This scheme is great news for first time buyers as she can prove, it can mean the difference between being able to make the move, or not.”
Currently available for sales at Sovereign Fields is a selection of stunning three and four bedroom properties.
*Price of £191,995 based on 80% of full purchase price of £239,950 with a deposit of £11,999 based on 5% of the full purchase price. Monthly repayment of £939.25 based on 25 year term. Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Applicants are required to find at least 80% 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 in entered into multiplied by the outstanding percentage under the equity loan, an annual fee of 1.75% will be multiplied by RPI+1% p.a. The equity loan is provided by the HCA and Persimmon Homes 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 Persimmon’s panel, who will act soley 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.