Housebuilder decares it's cheaper to buy for Bridlington house hunters
A Yorkshire housebuilder is giving a helping hand to people trying to get on the property ladder in East Riding, demonstrating that, for many, it really is cheaper to buy than to rent.
Bridlington house hunters can save up to £25 per week when purchasing a home through the government-backed, FirstBuy, initiative, according to Persimmon Homes.
Its Cloisters development, off Gordon Road, is throwing a property lifeline to those struggling to raise the large deposit demanded by many lenders as Kevin Thubron, sales director of Persimmon Homes Yorkshire explained.
He said: "We are very aware of how hard it is for some people trying to get their first foot on the housing ladder and there can often be a misconception that renting is the cheaper option.
"The FirstBuy scheme is available on a number of the Cloisters' one and two bedroom apartments and enables a purchaser to provide just a five per cent deposit and secure a 75 per cent mortgage.
"By utilising our home of the week incentive prospective buyers of our one bedroom apartments can be paying in the region of £61* a per week compared to £86 a week if renting.
"What's more, with rental prices continuing to rise, this scheme means mortgage repayments will continue to deliver greater affordability than weekly rental costs."
Under the FirstBuy initiative, home owners require a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent of the purchase price is made up of a 10 per cent loan from the government and a 10 per cent loan from Persimmon Homes.
Kevin continued: "This coastal development is ideally suited for first time buyers and we look forward to introducing the benefits of the FirstBuy scheme to more househunters as a way to secure a home of their own and avoid paying the increasing rental charges."