Design-led properties without the deposit burden

The Exchange Insurance Company (ExCo) announces today that Downtown Living will be offering the Exchange Bond to buyers of new homes at The Room development in Preston.

The Exchange Bond – a financial guarantee that replaces the cash deposit – will be available across all units at Downtown Living’s latest development.

The 85 apartments at The Room include a mix of one and two bedroom options spread over six levels. The desirable properties offer stylish contemporary living within walking distance of Preston’s key shopping centres, vibrant nightlife and main transport hubs. Open plan layouts combine with generous proportions, design-led interior decoration, basement parking spaces and 24hour CCTV, for a collection of apartments that are sure to catch the eye.

While falling in love with a property can be quick and easy, raising the cash needed at exchange can often prove far more difficult. However, the Exchange Bond offers the perfect solution to many problematic home purchases.

For property investors, whose main concern is that their money could be working for them elsewhere, the Exchange Bond is an attractive alternative to a cash deposit since it allows them to generate further interest from their funds between exchange and completion. In the case of the first time buyer, the Exchange Bond allows them the flexibility to delay paying out a large sum of money until the house is ready.

Stuart Whittle, director of Downtown Living, says: “When we were told about the Exchange Bond, we were immediately interested. The Exchange Bond offers benefits to us as a developer as well as to our buyers. We are really interested to see what impact it has on our sales at The Room and our buyers’ response to it.”

Frank Speight, Joint CEO and the executive director responsible for Sales & Marketing at ExCo, says: “We are delighted that forward-thinking developers such as Downtown Living are realising the power of the Exchange Bond as a buyer incentive. The product is fast-becoming the key to securing more sales in a competitive and challenging environment. 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.”

For further information on the Exchange Bond, please visit exchangebond.com.