The Solihull-based housebuilder will match the buyer’s deposit, up to 10% of the property’s value, to enable them to get on the property ladder - but apart from reducing the mortgage amount it makes available a much lower interest rate too and significantly lower monthly payments. It also gives you access to a wider variety of lenders
The scheme is extremely simple – buyers are given the ‘Deposit Match’ amount in the form on an interest-free loan over 10 years. They own 100% of their property from the outset and there is no rent or interest to pay during the loan period. Buyers can simply repay the loan when they sell the property or remortgage - or have the option to make up to three smaller one-off payments.
It’s also very flexible and can also be tailored to individual circumstances. First time buyers, for example, could receive their required 5% deposit, or increase the amount they already have saved. Existing homeowners could see their 10% deposit doubled which means only having to borrow 80% rather than 90% of the property’s value – and look at the typical savings to be made.
Carol Edwards, regional sales and marketing director, says:
“This scheme tackles the current credit crunch head-on and significantly reduces the cost of owning your new home. By offering a cost-effective way of increasing the purchaser’s deposit, we are providing them with more bargaining power to secure competitive mortgage rates and lower monthly repayments in the current climate.
"This could make all the difference in their ability to get on or move up the property ladder – and it applies to first time buyers, those who don’t have a property to sell and also those looking to part exchange. And, of course, you could reduce the mortgage and monthly payments still further by contributing a deposit larger than 10%.
“Our Deposit Match customers tell us it’s a real lifesaver because it allows you to afford the home of the future now. Some have moved to a larger home for the same monthly outgoing as the previous property, while others have used the monthly saving to overpay and knock years of the mortgage term, or furnish the new home. It really is a brilliant scheme for so many types of buyer and also helps bridge the gap on equity if the price of your property has moved.”
Taylor Wimpey West Midlands is currently building locally in Shirley, Smethwick, West Bromwich, Wolverhampton, Cannock, Stourbridge, Telford, Coventry, Rugby, Warwick and Stratford.
