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Housebuilder Persimmon Homes and Halifax have teamed up to offer first-time buyers a helping hand with a brand new initiative, which will see the builder double the deposit of the prospective homebuyer.

The aim of the scheme is to help first-time-buyers bridge the gap between their savings and the minimum deposit needed for their home. This is achieved by making 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. If the savings are used as a deposit on a brand new Persimmon home, Persimmon will match the savings exactly pound for pound, thereby doubling the deposit.

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

He explained: “Indeed, it can make a real difference in people’s circumstances, on getting onto the property ladder or not. Not only will the ‘Double your deposit’ scheme allow more people to be able to afford a deposit for a new home, it actually encourages young people to save instead of spend.”