By helping to provide exclusive low rate mortgages for their customers, Persimmon will enable people to make mortgage repayments at a rate equivalent to that of a 1.50 per cent Tracker, just 1.0 per cent above the Bank of England Base Rate, for two years.
At the end of the two year period customers switch to a 4.24 per cent variable for the remainder of the term which provides a comparative APR, and an overall cost for comparison of just 4.0 per cent
Dominic Harman, Persimmon Homes Group Communications Director says: Traditionally housebuilders provided just the bricks and mortar, but customers increasingly need help with financial solutions that we can offer to ease the current and more modern monetary related headaches. This is why we have introduced the mortgage subsidy alongside the wide range of other financial support and buying options we already offer.
The affordability of mortgage repayments remains a big issue for people, and we see the introduction of our mortgage subsidy product as the most effective way to ease this strain.
The mortgage subsidy product is available throughout the UK on selected plots at Persimmon Homes developments, and requires a 20 per cent deposit to be secured. Its introduction follows the launch of the housebuilders Parent Payback scheme which provides an alternative investment for relatives who want to help their family members get onto the property ladder, whilst securing a much greater return on savings.
By helping with a deposit for the first home of their son or daughter they could earn 5 per cent interest on their investment for five years, a huge return based on the majority of interest rates currently being paid on savings by banks and building societies.
For further information visit www.persimmonhomes.com
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