TURNING NEGATIVE EQUITY INTO A POSITIVE
11 November 2011
Committed to getting the housing market and the region’s home owners moving, Persimmon Homes West Yorkshire has pledged even more support with the launch of its unique Rent to Buy scheme.
Available to home owners who, due to the current housing climate, find themselves in negative equity and without a large deposit but want to move into a new home, the scheme offers all the support needed for the existing property to be rented with the assistance of independent rental agents and financial advisors. And once rented, Persimmon Homes can offer its 85 / 15 per cent Shared Equity scheme, which requires only a five per cent deposit to secure the new home of their dreams.
The newly launched support scheme is available at Persimmon Homes West Yorkshire’s flagship developments; Magdalene Fields in Gomersal, Whitechapel Gardens in Cleckheaton and Highfield Chase in Heckmondwike.
Financial advisor, Andy Mannion, of RSC Financial Services says: “The Persimmon homes Rent to Buy scheme allows purchasers to use their full borrowing capacity in order to move up the housing ladder. The mortgage on your existing property will be ignored providing the rental income will cover the mortgage payment, giving you full borrowing potential. This scheme is invaluable in the current market – it allows people to up-size, with no chain, whilst maintaining their current property as a future investment.”
The Property Perspective, an independent regional lettings agent, comments: “The rental market is extremely buoyant at the moment and rental income in most cases more than covers any mortgage payment. We are extremely careful when selecting tenants and carry out full referencing and credit checks. The home owner can even take out an insurance policy which will cover rental payments even if they are not paid on time. This gives you peace of mind.”