Persimmon Homes' new ‘Double your Deposit' scheme offers first-time buyers the opportunity to double their savings, which they can then use as that all important investment in their first home.
The scheme helps first-time buyers bridge the gap between their savings and the minimum deposit needed for their home. This is achieved by making regular deposits into a savings account, with Halifax or Bank of Scotland, for a minimum of six months, with an upper limit of £5,000. If the savings are used as a deposit on a brand new Persimmon home, Persimmon will match the savings exactly pound for pound, thereby doubling the deposit.
For example, if £5,000 is saved after a minimum of six months, Persimmon will double this to £10,000, turning this into either a 10% deposit on a £100,000 property or 5% deposit on a £200,000 property.
The new scheme is designed to encourage young people to become savers rather than spenders, and give them the confidence that they can buy their own property in the not too distant future.
David Bryant, group development director of Persimmon Homes, said: "This scheme is designed for any first-time buyer, from students moving through further education, to people in their 20s and even 30s who have been unable to buy a home. Indeed, it can make a real difference in people's circumstances, on getting onto the property ladder or not.
"Not only will the ‘Double your deposit' scheme allow more people to be able to afford a deposit for a new home, it actually encourages young people to save instead of spend.”
Mike Bottomley, national new build manager for Halifax said: "This is a great deal for first time buyers. By opening a new Halifax account and saving regularly, potential home owners are planning for the financial commitment of buying their first home. Doubling their deposit in this way should be a major incentive for first time buyers."
Savers can choose any Halifax or Bank of Scotland savings account depending on their preferences. Current best buys include the Bank of Scotland instant access savings account at 6.5% AER or the Halifax guaranteed saver reward at 6.25% AER.
