The deal is available to those who reserve a new Persimmon home by 31 January, with the builder suggesting it would free up cash to help buyers deal with the rising cost of living.
Persimmon claimed that the average price of a home built by the firm is around 20 per cent lower than the national average, with around half of its customers first-time buyers.
The promotion is available on selected plots, with buyers receiving the aggregate of the mortgage payments in a lump sum. Evidence of the projected payments will need to be supplied by the mortgage broker in order for buyers to take advantage of the scheme, while buy-to-let borrowers are excluded.
The calculations for the promotion have been based upon purchasing a Persimmon home, valued at £245,000, using a 95 per cent loan to value mortgage with Halifax, on a five-year fixed rate at five per cent, and over a 40-year term.
Sonia Da Costa, chief customer experience officer at Persimmon, noted that the “volatile mortgage market”, combined with the rising rate of inflation, had meant many would-be buyers were concerned about whether they could really afford to purchase a new home.
She added: “The chance to move into a new home mortgage free for up to 10 months will give potential home buyers some breathing space and ensure the path to a new Persimmon home provides real help with the cost of living.”
Back in November, Persimmon reported a drop in sales and an increase in cancellations, which it blamed on the turmoil of the mortgage market in the latter months of 2022.
