Take the 15 minute mortgage challenge in Tonbridge

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 Cannons Wharf in Tonbridge on Saturday, September 21, can take Redrow’s ‘15 Minute Mortgage Challenge’ to find out if they can secure a mortgage on a new home.

There will also be coffee, tea and homemade cakes for guests to enjoy on the day.

From 10am to 5pm 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.

Kerry Jenkins, head of sales for Redrow Homes (South East), 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 Cannons Wharf 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 two-bedroom apartment with an en-suite at Cannons Wharf, priced at £200,995, can be purchased for a 5% deposit of £10,050 and a 75% mortgage of £150,746 with a 20% equity loan provided by the Government for £40,199.

To take Redrow’s 15 Minute Mortgage Challenge, visit Cannons Wharf, on Medway Wharf Road, Tonbridge, Kent, on Saturday, September 21, from 10am to 5pm.

For more information, visit redrow.co.uk/cannons.