Gladedale launches Exchange Bond

Gladedale Home Counties is helping first-time buyers break the deposit deadlock and get a foot onto the property ladder with the launch of the Exchange Bond at its developments across the South of England.

The Exchange Bond is a new initiative being offered at Gladedale’s new-build developments throughout the Home Counties. Underwritten and issued by The Exchange Insurance Company Ltd, it provides a cost effective alternative to the cash deposit usually required to buy a new home.

Using an Exchange Bond instead of a cash deposit means buyers don’t need to find the five or ten per cent deposit normally paid to the developer up front to secure a home at exchange of contracts.

This means that the buyer has more time to save for the cash contribution at the time of completion without having to touch their savings or borrow money, as well as securing their dream property.

The process is very simple. The buyer pays a small premium for an Exchange Bond. For example, a £200,000 property would require a 10% deposit of £20,000 at exchange of contracts. However, using Exchange Bond, the buyer would only need to pay a premium of approximately £850 to secure a new home. This premium covers the equivalent of the 10% deposit (£20,000) to bridge the gap between exchange and completion.

Vicki Noon, sales and marketing director for Gladedale Home Counties, said: “The Exchange Bond is an easy and cost effective way to buy the home or apartment of your dreams without having to save money for years.

“It’s a safe and ideal option for buyers, not just first-time buyers – investors could secure several properties without having to paying out a substantial deposit, therefore allowing them to use their money to generate the best possible return.

“The possibilities using the Exchange Bond are endless – even people renting a property could use an Exchange Bond to secure a new home while they continue to rent.”

Frank Speight, a founding director at Exchange Insurance Company Ltd, confirms: “Over the past few months, we have seen the Exchange Bond used by a vast range of people – from first-time buyers attempting to get their foot on the ladder to investors wanting to expand their property portfolio. We are delighted therefore that such a well-established and respected house builder as Gladedale Home Counties is now offering the Exchange Bond. We have no doubt that the Exchange Bond will prove equally popular with their buyers, adding extra value to the excellent service already offered by their sales team.”

The Exchange Bond is especially attractive for people buying off-plan on new developments. Gladedale Home Counties is hosting Exchange Bond weekends at several of its developments over the next few weeks, including: Imperial Place, Hitchin; J6, Bricket Wood; K-Point, Kennington and The Waterfront, Leamington Spa.

The Exchange Bond is a financial guarantee providing the seller with an assurance that they will receive the deposit amount if the buyer fails to complete from ExCo, which is authorised and supervised by the UK’s Financial Services Authority.

To find out more about Exchange Bond, contact the Gladedale Marketing suites at:

Imperial Place, Hitchin
imperialplace-hitchin.co.uk

K-Point, Kennington
kpoint-apartments.co.uk

J6, Bricket Wood, St Albans
j6apartments.com

The Waterfront, Leamington Spa, Warwickshire
waterfront-warwick.co.uk