NORTHAMPONSHIRE'S leading housebuilder has unveiled a ground-breaking new scheme to reward the growing number of parents who put down a deposit on their children's first home.

David Wilson South Midlands will pay the interest which Mum and Dad would have earned on their savings at a highly competitive rate of five per cent - well above the Bank of England's base rate.

The offer means that parents who want to help their offspring get on the first rung of the property ladder can do so without losing a penny of interest on their savings.

Under the scheme - which is appropriately called 'Parent Power' - David Wilson will pay five per cent interest per annum for a full five years on a deposit of up to 20 per cent. So if a parent puts down a maximum £24,000 deposit on a property costing £120,000, they will receive the equivalent of £1,200 a year in interest for five years. This is paid in a lump sum of £6,000 at the time of completion.

"The reality of high house prices is that a growing number of parents now put down a deposit to help their son or daughter to buy a property of their own," said Jackie Day, Sales Director at David Wilson.

"But if that money is used to fund a deposit, it means that it isn't in a high-interest savings account earning money for Mum and Dad."

"This new scheme gets around that problem because you can pay a deposit on a new David Wilson home for your children and we will pay you the interest you would have earned on the money."

The offer is not restricted to mothers and fathers and is also available to other family members or friends who want to help a First Time Buyer move into a home of their own.

David Wilson is currently offering this deal at all its developments throughout Northamptonshire which include:

Arena Gate
Duston St Lukes
Northampton
NN5 6FB
Offering a superb selection of two-, four- and five- bedroom homes. Prices start from £134,995.

Domus
Upton Way
Sixfieds
Northampton
NN5 4EQ
Boasting an innovative selection of four- bedroom detached homes. Prices start from £434,995.

Woodcote Park
Towcester Road
Silverstone
Northants
NN12 8UB
An exclusive collection of three- and four- bedroom homes. Prices start from £254,995.

To find out more call the sales hotline on 0844 811 4477 or log onto the website at www.dwh.co.uk

David Wilson South Midlands was given a five star rating in this year's HBF Customer Satisfaction Survey, in which consumers are asked if they are satisfied with the quality of their new home and whether they would recommend their builder to a friend.

For added peace of mind, buyers can also benefit from David Wilson's new five year guarantee on fixtures and fittings in their new home at the time of purchase. Items covered at no extra cost to the buyer will include appliances such as washing machines and refrigerators, kitchen units, wardrobes, the central heating system, fires, doors, windows, drainage, the hot and cold plumbing system and even the driveway.

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