Persimmon’s new mortgage scheme can Help You Buy in Wales with a 5% deposit
With homebuyers in Wales awaiting their own government's version of the Help to Buy scheme in England, housebuilder Persimmon has taken the initiative and introduced its own low-deposit mortgage scheme for a limited time at developments in southeast and southwest Wales.
Glyn Mabey, Persimmon Homes' regional chairman for Wales, says: "Since the UK government introduced Help to Buy in England we have had to turn away many disappointed prospective buyers in Wales as the Welsh government is still to introduce an equivalent scheme, which our Welsh customers see as very unfair. As the largest homebuilder in Wales, we have decided to take the initiative and introduce an equivalent scheme ourselves, to put Welsh home buyers on a level playing field until the Welsh government catches up.
"Working closely with the HBF, we believe a scheme like this can help revive the new homes market in this Wales by providing more new homes and, as importantly, the additional jobs created by building them. We estimate that if the Help to Buy model was rolled out in Wales it would generate approximately 5,000 sales of new build homes across Wales, creating over 10,000 direct and indirect jobs in the economy as a result."
The new scheme is open to buyers in the south of Wales on new homes priced up to £300,000, but it is only available for six months. Some lucky buyers have already benefitted from the new initiative, among them Laura Thomas and Rohan Gye, who have now moved into their new four-bedroom detached home at Coed Darcy, a new sustainable community in Neath.
Laura says: "We struggled to make that move to a larger family home because like so many homeowners out there, we didn't have enough equity in our property to remortgage. If it wasn't for a scheme like this, we would never have been able to afford to upgrade to this larger family home which we desperately needed."
Richard Price, Wales planning and policy manager for the Home Builder's Federation (HBF), has backed Persimmon's new scheme, saying: "The HBF is working closely with the Welsh government to introduce a Help to Buy scheme to reflect the highly successful model already in operation in England. However, it is great to see one of our members Persimmon Homes taking the initiative to bridge the gap in Wales until a Welsh government scheme is up and running. This will be a great boost to Welsh homebuyers, and something we fully support."