confuzzled, persimmon ftb

owen2008

ill try to keep it short and basic,

me and the oh are renting currently with the intention of buying sometime in the future, without intention we came across this new build persimmon show home that we really like. its on for £149995 ( which i know is massivsley overpriced so i would knock down to atleast 20/30% or walk away)

the lady at persimmon advised of 75/25 scheme, ive took loads of thought into this scheme and read up about and even though the general concenus is that its a bad idea i think it could work in our favour in 7-10 years time.

we went to see halifax about this scheme and to get a mortgage, the advisors said that the system wouldnt allow this scheme ( we needed maximum £112000 for it) with them paying the 25% - he gave no reasons as to why but he did say that we can have a mortgage for that amount without this scheme so we got the morgtage promise while we were there!

now i was made aware that nationwide do this scheme aswell so our advisors is seeing what can be done with them.

we earn 32k between us basic, this can rise to £38k with bonus/overtime etc but thats not a cert, the oh has a bar job aswell that gets 3k a year but thats fairly new so couldnt be used?

• would it be best for us to just keep saving ( we save about £600-900 a month. ( only started this month cuz of some big problems) and see about buying in 6months
• Go to persimmon and show them the mortage offer and leave the ball in there court, (in all fairness the property is overpriced, maybe £20k/30k overpriced) and just let them sweat, the estate has stopped building now and they seem desperate to get rid of the build ones quick
• try other lenders instead of halifax?

ofcourse nationwide could come back and accept this scheme but i would be gratful to get some expert help from this board

im sorry to post soo long, i tried searching for similar posts but couldnt find anything

many thanks

getmore4less

owen2008 wrote: »

the lady at persimmon advised of 75/25 scheme, ive took loads of thought into this scheme and read up about and even though the general concenus is that its a bad idea i think it could work in our favour in 7-10 years time.

Please explain your reasoning.

mrs_deadline

You might find this thread interesting as it started with a show house and a FTB incentive scheme:

http://forums.moneysavingexpert.com/showthread.html?t=1148651

getmore4less

owen2008 wrote: »

the estate has stopped building now and they seem desperate to get rid of the build ones quick

You will be living on a building site for years which will make selling harder, and the coucill will not adopt roads or green areas so they could get rundown if the builder shuts down the site.

brit1234

I wouldn't do it. The big developers are now starting to drop their prices. Give it 6 months and you will get to buy it at the 75% value alone. If however you look else where you will get better offers on preowned homes.

These deals are a trap to keep prices high.

owen2008

well in my own personal opinion, i wouldnt be as well off as say someone buying without this scheme but in terms off getting out of renting and owning my own place ( which i wudnt be lookin investment wise, a home) i wouldnt feel ripped off!!

if i dropped the price by £30/40k which rest assured if they dont drop that of the price id walk away, id start with a mortgage of 85kish and would overpay in the first 5-7 years so when i need to remorg to give them there 25% back i wouldnt notice much difference

i know its all iffs and buts but looking at what the scheme gives me id feel happy doing it.

ofcourse id prefer to go other routes than using this scheme but everything is an option

owen2008

brit1234 wrote: »

I wouldn't do it. The big developers are now starting to drop their prices. Give it 6 months and you will get to buy it at the 75% value alone. If however you look else where you will get better offers on preowned homes.

These deals are a trap to keep prices high.

um good way off thinking about, i might have to stamp my foot down on the other half and sit pretty till febuary time

mrsf77

With my own experiences of buying from Persimmon - DONT DO IT.
Their customer service after exchanging contracts goes down hill dramatically (in fact I would say it becomes a nightmare) plus as someone else has said you will be living on building site for an unspecified period of time.
I would personally hang on, there will be better deals to be done in 6 months time!

getmore4less

we came across this new build persimmon show home that we really like

Forgot to mention this bit,

We bought an ex persimmon show home (indrect, 18months reseller).

It was only when we came to redecorate we found shortcuts had been done, they like to get the show homes up and running quickly.

The biggest problem was wallpaper/paint over plaster board no skim coat.
you do get the odd extra like door bumpers, boxed in pipes, wall papered garage, alarm fitted, but check the finishes very carefully.