Durkan Estates offers Exchange Bond to home buyers

Durkan Estates has introduced the Exchange Bond to help buyers secure a new home. This means that buyers of off-plan properties, with completion dates longer than three months, will have that time to save for the deposit.

Dan Marsden, Development Director for Durkan Estates, comments: "The Exchange Bond is ideal for buyers who don't want to release savings and other capital investments, which may incur penalty fees, to secure a new build property. It is an easy, fast and convenient process that reduces the stress and anxiety associated with the exchange of contracts - especially if a chain is involved. From an investment point of view, buying off-plan has been seen as a good long-term investment and significantly cheaper than buying completed stock. Using an Exchange Bond, first time buyers have time to save the money they need to pay the deposit and obtain a mortgage."

Frank Speight, joint CEO of Exchange Insurance Company (ExCo) - the company which developed and underwrites the Exchange Bond - explains: "With the rising cost of living, it is important for consumers to look for ways of improving cash flow. The Exchange Bond is the perfect option for property buyers looking for more financial flexibility. Particularly with new build property, it delays the need to liquidate existing assets for investors and allows time for first time buyers to raise the capital required at completion, when the full price of the property will need to be provided."

For buyers eager to take advantage of this new way of buying, Durkan Estates has a number of developments offering this innovative new facility:

‘Bauhaus' is the conversion of a 1950's office building just off the High Street in Croydon into 189 one- and two-bedroom apartments, three-bedroom penthouses and two-bedroom mews houses. The 12-storey building features some historic artwork in the entrance lobby by renowned artist, William Mitchell, and affords spectacular views from the upper floors. 60% of the development is already sold with remaining apartments starting as low as £179,995. Anticipated completion is in September 2008.

‘Morton Grand' is the conversion of a Victorian school in the highly desirable area of Islington. The remaining properties start from £510,000.

‘Chorus' is a new 7-storey mixed-use development in Wimbledon, SW19. The development provides 60 apartments for private sale and anticipated completion is Spring 2009. 50% of the development has already been sold off plan. Prices of the remaining properties start from £345,000.

‘The Academy' is the restoration and conversion of the historic former Royal Military Academy in Woolwich into 328 new homes - 144 in converted space and 184 newly built buildings. With first completions in winter 2008/2009, the development consists of a mix of new and converted studios and one- to five-bedroom homes including stylish apartments, duplexes, penthouses, townhouses and unique gatehouses. Prices in the first phase to be released range from £185,000 for a studio to £650,000 for a five-bedroom house.

For further information about the Exchange Bond, visit exchangebond.com

For further information about Durkan Estates, visit durkan.co.uk