Buy a new home now and pay later in Plymouth

Redrow Homes is offering homebuyers in Plymouth the opportunity to buy off-plan at its ‘Vision’ development without having to pay a deposit until their new home is ready to move into.

The housebuilder, which is transforming the South Yard enclave in the heart of Devonport, recognises it is not always convenient from those buying a brand new home, especially off-plan, to have to shell out a five or 10% deposit long before the property is built.

Therefore Redrow is offering customers who are exchanging on a home at Vision the opportunity to secure a property by guaranteeing the required deposit in a simple and cost-effective manner.

That solution comes in the shape of the Zurich Property Deposit Guarantee, which is available exclusively through the XBond Company, as the latest in its efforts to help make moving house as simple and stress-free as possible.

Instead of having to hand over a full five or 10% cash deposit, buyers simply pay a guarantee fee which is, typically, considerably cheaper than the cost of borrowing from the high street. The first properties at Vision are expected to be ready for occupation in spring 2008.

Hannah Newnes, area sales manager for Redrow Homes (South West), said: “The Vision scheme is so popular that many buyers are exchanging on their new homes months before they will be ready to move into.

“There may be a number of reasons why they do not want to pay a sizable deposit up front, for example if they are downsizing and not ready to sell their existing home immediately or arrange an equity release. The Zurich PDG simplifies and speeds up the entire process so you can concentrate on preparing to move into your fabulous new home at Vision.”

The Zurich PDG is a secure promise made by Zurich Bank to a vendor on behalf of the purchaser. It guarantees the purchaser’s deposit on exchange of contracts, allowing the purchaser to retain their cash until completion. It is not a loan, but a solid, bank-written guarantee that the exchange deposit is owed to the vendor and will be paid should the purchaser default.

Vision @ Devonport is an award-winning regeneration project that is changing the face of the former South Yard enclave and bringing new life to Devonport. The site originally formed part of Devonport town centre, which was heavily damaged in the Blitz. It was subsequently incorporated into the dockyard perimeter by the MoD during the 1950s and enclosed by a three-metre high stone wall, before being declared surplus to requirements and acquired by national regeneration agency, English Partnerships.

It will eventually feature around 460 one and two-bedroom apartments, two, three and four-bedroom houses, including a high proportion of affordable housing, plus a range of shops, office and community facilities.

A range of four-bedroom three-storey townhouses are currently available priced from £190,995.

For sales information log onto Redrow.co.uk.

For general information about the Vision project visit Vision.redrow.co.uk.

For details of the Zurich Property Deposit Guarantee go to Thexbond.com.