Deposit Match - The key to your next move?

The current lack of affordable mortgages and the substantial deposits being sought by lenders is forcing many homeowners to put their next move on hold.

Recent figures show that 49 per cent of homeowners* need more space but can’t take that necessary step up the property ladder because they don’t have a large enough deposit and can’t afford the higher mortgage payments.

However a new scheme from national house builder Taylor Wimpey may offer the perfect solution for couples and families who have outgrown their current home.

Deposit Match is a new scheme which opens the doors to more affordable mortgages. Available on selected properties at its Bryant Homes and George Wimpey developments in the west of Scotland, the house builder will match the deposit put down by buyers, up to 10% of the property’s value. This additional capital provides buyers with access to a wider range of mortgages, more competitive interest rates and reduced monthly payments.

For existing homeowners, Taylor Wimpey will double their deposit up to 10% of the property value, which could mean only having to find a mortgage for the remaining 80%. Extra moving costs such as stamp duty and legal fees are also covered by the house builder.

The additional funds come in the form of an interest-free loan over 10 years. Homeowners have the reassurance that they own 100% of their property from day one and there is no rent or interest to pay during the loan period.

The scheme is flexible, allowing purchasers to repay the outstanding amount early or even make smaller one-off payments up to three times during the loan term. If the loan is not repaid within the ten year period, interest is incurred at 2% above the Bank of England rate.

Purchasers are guided through the scheme by Taylor Wimpey’s appointed independent financial advisors and solicitors.

Audrey Ross, regional sales and marketing director, comments: “We understand that the availability and affordability of mortgages is a major concern for our buyers and this scheme goes a long way to address those issues. Boosting deposits through an interest free loan is a great way to increase the number of mortgage deals available to them and to reduce monthly repayments. We believe that this scheme could make all the difference in enabling buyers to afford a more spacious home.”

For more information on Deposit Match and the range of new properties currently being offered by Bryant Homes and George Wimpey across the west of Scotland, visit bryant.co.uk or georgewimpey.co.uk.