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Halifax And Persimmon Announce Deal For First Time Buyers

News that the Halifax and Persimmon groups have joined forces in pursuit of the first time buyer has given the mortgage market a new option to think about. The deal revolves around how much a house buyer can save in their Halifax instant access account with a view to buying a Persimmon home. The deal is that the Halifax will match the amount of cash for a deposit up to a maximum of £5,000, giving first time buyers a deposit of up to £10,000 while only funding half of the cost. But why would the groups offer this attractive option?

Apart from the fact that the groups are both desperate to see some life return to the property market they will both benefit from the deal. Persimmon will see more houses sold to first time buyers and Halifax will increase its mortgage business in the short term. There will obviously be some kind of commission deal between eh two to ensure that nobody loses out, but marketing cost savings all round and more sales bode well for their short term image at least.

The time seems to be now for new and quirky deals to catch the attention of the housing market, but making a success of these deals is the real challenge.

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