A leading UK housebuilder has backed the government’s Help to Buy: ISA which offers first time buyers a 25 per cent boost to their savings.
Persimmon Homes welcomed the Chancellor of the Exchequer, George Osborne, to its Elworth Park development in Sandbach, Cheshire, to promote the initiative.
Mark Cook, managing director, of Persimmon’s Lancashire region, hosted the visit. He said:
“There are now a number of initiatives to help people onto the property ladder. A 25 per cent top-up to their savings is just the boost first-time buyers need to help them secure a deposit for their first home.
“The Help to Buy scheme is proving very popular across all of our developments.”
Osborne was given a tour of the 120-home development where he tried his hand at brick laying and chatted with apprentice joiner Jake Adams.
The Help to Buy: ISA was unveiled by the government in the 2015 March Budget before being introduced on December 1. The tax-free accounts offer first-time buyers a 25 per cent government top-up on savings of up to £12,000.
“The government-backed equity loan scheme is available to first-time buyers and people already on the property ladder and requires just a 5% deposit and a mortgage of up to 75 per cent of the value of the property.”