First-time buyers told to 'double your deposit'

06-Aug-2008

The latest scheme on offer to first-time buyers is aimed at helping them bridge the gap between their savings and the minimum deposit needed for a house.

According to Persimmon Homes, its Double your Deposit initiative does exactly that - the developer matches the savings an individual has, pound for pound.

To qualify, first-time buyers must make 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, the savings will be matched by Persimmon if they are to be used to buy a house from the developer.

"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," said David Bryant, the group development director of Persimmon Homes.

He added: " Indeed, it can make a real difference in people's circumstances, on getting onto the property ladder or not."

A spokesperson for Halifax added that the doubling of a deposit would prove to be "a major incentive" for first-time buyers.

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