New Depositmatch scheme means cheaper mortgages for buyers

Buyers at George Wimpey's developments across Manchester could boost their deposits and secure better mortgage deals through an innovative new scheme from George Wimpey.

On selected properties, the housebuilder will match the buyers deposit, up to 10% of the property's value, giving them access to better interest rates and lower monthly mortgage payments.

George Wimpey's developments include Appleton Gardens in Cheetham Hill, Northgate in Blackley, Chapelfield Park in Radcliffe and M20 West in Didsbury.

The scheme is extremely simple - buyers are given the Depositmatch amount in the form on an interest-free loan over 10 years. They own 100% of their property and there is no rent or interest to pay during the loan period. Buyers can repay the loan when they sell or have the option to make up to three smaller one-off payments. If the loan is not repaid within the ten year period, then interest is charged at 2% above the Bank of England rate.

The scheme can be tailored to individual circumstances. First time buyers, for example, could receive their required 5% deposit, or increase the amount they already have saved. Existing homeowners could see their 10% deposit doubled which means only having to borrow 80% of the property's value. This could open the door to lower interest rates competitive interest rates and more affordable monthly payments. Stamp duty and legal fees are also covered by George Wimpey.

The scheme is managed by George Wimpey's appointed independent financial advisors and solicitors, making the whole process extremely straightforward.

"This scheme tackles the current credit crunch head-on," says Anthony Mansfield, regional sales and marketing director for George Wimpey Manchester. "By offering a cost-effective way of increasing the purchaser's deposit, we are providing them with more bargaining power to secure competitive mortgage rates and lower monthly repayments. This could make all the difference in their ability to get on or move up the property ladder and we'd urge those looking to move to speak to our sales executives as soon as possible to find out how the scheme could help them."

Further details about the scheme can be found online at Georgewimpey.co.uk/match.