Funding help for first time buyers

First-time buyers who are finding themselves increasingly priced out of the housing market will now be able to secure a home.

This is thanks to funding provided by national regeneration agency, English Partnerships.

Persimmon Homes has launched the government-funded First Time Buyers' Initiative (FTBI) at its Deans Park development in Wolverhampton.

FTBI is available on a limited number of developments. Local agent Mercian, working on behalf of English Partnerships, will approve purchasers to buy and deal with all questions concerning eligibility.

First time buyers can take advantage of this initiative which enables them to apply for a mortgage even if their affordability level is half the value of the house.

They must be able to secure a mortgage which, together with the deposit, makes up a minimum of 50 per cent of the market sale price.

Although FTBI buyers will have a mortgage less than the full purchase price of the property, they will be the legal owner with 100 per cent title to the home.

For the first three years buyers will only have to make their mortgage repayments and have nothing to pay on the amount contributed by the government.

After that, home owners will pay an annual fee of one per cent on the amount funded.

This will increase each year by a fixed percentage, reaching a maximum of three per cent after five years.

On sale of the home, owners will repay English Partnerships' contribution by way of a share of the proceeds.

The amount required will increase or decrease as the price of the home rises or falls.

Owners can reduce the amount payable at any time by making additional repayments of at least ten per cent.

For the full range available at Deans Park, or to find out more, visit www.persimmonhomes.com or contact the marketing suite on 01902 458407.