An ambitious young family from Middlesex is praising Persimmon Homes for turning their ‘dreams into reality’ after the property developers come to their rescue with a mortgage indemnity scheme.
Kathryn Cole and her partner decided they wanted to move from their one bedroom flat in Isleworth – where they have lived for five years – after becoming parents for the first time.
Up until now, they had been unable to purchase a new property that they had shown an interest in, until Persimmon suggested that they consider the latest government backed new homes initiative, 95 % mortgages with NewBuy .
NewBuy enables both first time buyers and those looking to move up the property ladder to buy a new home, with the purchaser requiring just a five per cent deposit.
Having fallen in love with the Sovereign Fields Faraday show home on their first visit, they soon decided to purchase one of the same house style, with the help of the NewBuy scheme.
Kathryn Cole said: “Before the birth of our boy, we decided a one bedroom flat was not suitable for our new family.
“NewBuy’s five per cent deposit has turned our dream into reality.
“The government backed scheme provides an attractive mortgage option for family buyers, particularly those who would previously have been unable to obtain a mortgage with high rates of deposit that were required.”
Persimmon Homes Thames Valley sales and marketing director, Elaine Stratford, said: “Sovereign Fields has proven a popular location with families and first time buyers and this latest initiative is certainly helping many people to make their move now.”
“The convenient location, in the heart of rural Berkshire, appeals to residents who will enjoy exploring open spaces, retained woodland areas and a ninety one acre country park adjoining the development. There is also the added attraction of a newly built school within the overall development and within easy walking distance.”
The NewBuy Scheme is backed by a number of major house builders and national mortgage lenders as it aims to increase the availability of low-deposit mortgages.
With no salary cap, purchasers can secure a 95 per cent mortgage product on new homes up to the value of £500,000.
Sovereign Fields provides a choice of properties from 1 bedroom apartments all the way to larger 4 bedroom detached properties, to meet a range of lifestyles. For those looking to buy larger properties such as three and four bedroom family houses, the NewBuy scheme can be quite a bonus, allowing Persimmon Homes do all the hard work involved.
Elaine added: “We are delighted to have secured one of our Sovereign Fields properties for Miss Cole and her family. We hope they will be very happy in their new home.”
For more information on the NewBuy scheme and Sovereign Field please visit www.persimmonhomes.com