Deposit calculator adds up to a great deal for homebuyers
Rising house prices and reports of growing consumer confidence may hint at a housing market recover, but if you’re saving for a deposit how do you know what you will be able to afford to buy?
Redrow Homes has developed a quick and easy touch-screen ‘deposit calculator’ to help would-be homeowners work out just how much they can spend on a new home. It will even identify which style of property they could buy and where.
Shoppers visiting the intu Trafford Centre, in Manchester, this weekend (August 10 & 11) will be the first to trial the new tool.
And with consumers regularly travelling 50 miles or more to visit the region’s premier shopping destination potential homebuyers from as far afield as Liverpool and Chorley could benefit, as well as the Manchester suburbs.
Claire Jarvis, sales director for Redrow Homes (Lancashire), explains: “Industry experts including the Royal Institution of Chartered Surveyors, Rightmove, the Halifax and Hometrack are all being optimistic about the housing market and its recovery, which in turn is helping to boost consumer confidence. Across the North West we’ve seen an increase in enquiries from would-be homeowners in recent months but while they want to buy they don’t always know what they can afford.
“With that in mind we’ve developed our new ‘deposit calculator’, which we will be unveiling at the intu Trafford Centre. Using touch screen technology people will be able to see just how accessible buying a brand new Redrow home could be. All they need to do is suggest where they’d like to live – perhaps Moston, Rochdale, Liverpool, Wigan, Chorley or Altrincham – and then use the slider to show the size of their deposit and see what they can potentially afford to buy.”
Redrow’s deposit calculator is different to other mortgage calculator apps that either work out how much a person can borrow or how long it would take them to save for a deposit, as it shows not only the value of the property they could consider but also pinpoints the homes available within that price range and area. There’s even the chance to view floor plans to help would-be homeowners choose the right style of property for their lifestyle.
“The deposit calculator works on the basis that people will need a 5% deposit, which is the minimum required by most lenders. For example, someone who has saved £9,800 could potentially buy a home valued at up to £196,000,” Claire adds.
“They may also be able to take advantage of the Government-backed Help to Buy scheme, which reduces the initial cost of a brand new home by up to 20% with the aid of an equity loan. Our friendly experienced sales team and mortgage specialists will be on hand at the intu Trafford Centre to explain the various options available.”
Recognising that those saving for a deposit may not be able to enjoy a shopping spree, Redrow will be offering visitors to its stand at the intu Trafford Centre the chance to win £250 worth of vouchers to spend in the mall in a free prize draw.
The deposit calculator will get its first outing at Redrow’s exhibition stand outside the John Lewis store at the Trafford Centre this weekend (August 10 & 11).
For more information about Redrow homes see redrow.co.uk.
