TURNING NEGATIVE EQUITY INTO A POSITIVE (1)
11 November 2011
Committed to getting the housing market and the region’s home owners moving, Malmesbury-based Persimmon Homes Wessex has pledged even more support with the launch of its unique Rent to Buy scheme.
Available to home owners who, due to the current economic climate, have found 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 build home of their dreams.
The newly launched support scheme is available across all of Persimmon’s developments across the region, including:
- Quakers Walk, Devizes
- Valley Heights, Frome
- Chapel Court, Lyneham
- Dauncey Gardens, Melksham
- Roman Quarter, Salisbury
- Saxon Gate, Salisbury
Matt Halder, director of Threshold Mortgages, said: “The Persimmon Homes Rent to Buy scheme allows purchasers to use their full borrowing capacity in order to move up the housing ladder. We can organise the mortgage without clients renting out the property as we can proceed just with the intention to do so.
“The mortgage on the existing property will be ignored providing the rental income covers the mortgage repayments, enabling 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.”
Bryan Greenwood of Martin and Co in Salisbury, a residential lettings agent, said: “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 real peace of mind.”