Deposit relief offered for those seeking secured loans

Category: Loans
Date: 10/7/2008 8:52:49 AM

First-time buyers are benefiting from the opportunity to avoid paying a deposit for a home, it has emerged.

Those taking out a secured loan to buy a property from house builder Persimmon Homes will have the cost of the deposit covered for them under a new incentive scheme.

Noting that many buyers have to cut back on outgoings in order to afford an up-front payment, the company states that the offer applies to homes across the West Midlands.

Sales and marketing director at Persimmon Anita Williams said that those thinking of purchasing their first property "may feel that the home buying process is something of a minefield," adding: "However with our help, buying is much easier than you may have at first imagined."

Last week Michael O'Flynn, of the FindaProperty website, noted that the average first-time buyer would have to raise around £17,000 in order to be granted a secured loan.