Homebuying made simpler

The Zurich Property Deposit Guarantee – now available exclusively through the XBond Company – is a new financial guarantee that enables homebuyers to secure a property by guaranteeing the required deposit with a simple and cost effective new product.

The Zurich Property Deposit Guarantee is a financial guarantee made to developers or vendors on the buyer’s behalf. It allows buyers to delay paying a cash deposit until the property is complete, thereby enabling them to act quickly to secure the home they want.

Instead of having to hand over a full five or ten percent cash deposit, buyers simply pay a guarantee fee which, is typically, considerably cheaper than the cost of borrowing from the high street.

Barratt Developments Plc, the UK ’s best-known house builder – building over 21,000 new homes a year – has already reached an agreement with Zurich to enable potential Barratt customers to take advantage of the guarantee.

Other major UK developers which, together with Barratt, represent some 30% of the UK new homes market, have since agreed to use this innovative new product.

Using the Zurich Property Deposit Guarantee is straightforward. The XBond Company works with buyers to make sure the whole process is quick and easy and Zurich carry out all necessary credit checks to ensure that all Guarantee users meet or exceed the strict credit requirements that confirm the applicant can afford to fund the deposit on completion of the property.

Paul Gratton, Executive Chairman of The XBond Company, commented: “XBond was set up to provide innovative financial solutions to assist buyers and owners of property. The team at XBond wanted to find a way to improve the process for buying property in the UK at a time when speeding up the house buying process and increasing the availability and affordability of new homes has become a political issue.

“We have initially focused our campaign in the UK market and are delighted to have secured, not only an exclusive arrangement with Zurich, but also with Barratt Developments, one of the biggest UK house builders. In a world that is increasingly wireless and cashless, the Zurich Property Deposit Guarantee is a simpler, faster and more affordable way for people to guarantee a deposit on a property. Not only is it a great financial product for customers and developers alike, but also the market overall.”

Clive Fenton, Executive Director of Barratt South Region, commented: “Barratt Developments is delighted to be the first UK house builder to reach an agreement with Zurich. We believe this will make the house buying process simpler and easier.”