Take the 15 minute mortgage challenge
Mortgages are at their most affordable in 14 years and you could see if you qualify for one in the time it takes to drink a cuppa.
Visitors to Whitehill Meadows, close to Lytham St Annes, Sunday September 8, can take Redrow’s ‘15 Minute Mortgage Challenge’ to find out if they can secure a mortgage on a new home.
From 11am to 4pm new homes mortgage specialists will be on hand to review customers’ finances, assess how much they can afford to borrow and guide them through the buying process, including explaining incentives such as Help to Buy.
Claire Jarvis, sales director for Redrow Homes (Lancashire), explains: “Reports from the Halifax suggest mortgages are at their most affordable for more than a decade, with payments accounting for just 27% of average incomes and interest rates at historically low levels. While many consumers are showing signs of increased confidence in the housing market, not everyone may realise what it means to them and what they could afford to buy.
“We want to streamline the buying process as much as possible to make it quick and simple for our customers. During our 15 Minute Mortgage Challenge event, visitors to Whitehill Meadows will be able to talk to our new homes mortgage specialists about their options, including Help to Buy.
“Based on their savings, income and outgoings we’ll quickly be able to work out how much they could afford to borrow to buy a new home. In fact they could even find out if they qualify for a mortgage in just 15 minutes or the time it takes to have a cuppa!”
Help to Buy allows home buyers to take out a 20% equity loan from the Government, which is interest free for five years. They then only need a 75% mortgage and 5% deposit to purchase their new home and monthly mortgage repayments should be lower than expected.
For example, a four-bedroom Stratford at Whitehill Meadows, available on the open market at £237,995, could be purchased for an initial outlay of £190,396. The lower price includes a customer deposit of £11,900 and a mortgage of £178,496.
To take Redrow’s15 Minute Mortgage Challenge, visit Whitehill Meadows, Lytham St Annes Way, from 11am to 4pm Sunday September 8.
For the latest availability and pricing, see redrow.co.uk/whitehill.
