Opening the doors to affordable mortgages

An innovative scheme from leading national house builder Taylor Wimpey may again offer the perfect solution for Telford couples and families who have outgrown their current home.

Back by popular demand at Castle Meadows in Hadley by George Wimpey West Midlands and The Village in Ketley by Bryant Homes is ‘Deposit Match’, which opens the doors to much more affordable mortgages. Both will match the deposit put down by buyers, up to 10 per cent 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 per cent of the property value, which could mean only having to find a mortgage for the remaining 80 per cent. Extra moving costs such as stamp duty and legal fees are also covered by the house builder. And first time buyers could receive their required 5% deposit, or increase the amount they already have saved. The additional funds come in the form of an interest-free loan over 10 years.

Homeowners have the reassurance that they own 100 per cent of their property from day one and there is no rent or interest to pay during the loan period. The scheme is flexible too, allowing purchasers to repay the outstanding amount early or even make smaller one-off payments up to three times during the loan term.

Carol Edwards, regional sales and marketing director, comments: “We understand that the availability and affordability of mortgages is still 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.

“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. But ‘Deposit Match’ tackles the current credit crunch head on and minimises the number one barrier to getting a move on.”

Castle Meadows is a flagship £21.5 million development made up of 103 homes combining luxury apartments, traditional detached properties and contemporary mews-style homes. It’s located on the former GKN Sankey football stadium and car park off Britannia Way. George Wimpey have also brought in specialist architects to make sure that the scheme offers all the contemporary and modern benefits of new build, but also fits in with the local Hadley vernacular.

Current availability includes a two bedroom detached coach house with parking spaces for just £99,995, three bedroom homes with two parking spaces from only £129,995 and four bedroom homes with garage from just £158,995. For more information on ‘Deposit Match’ and the range of properties available at Castle Meadows, visit the showhome on Castle Lane Thursday – Monday 10am until 5pm. Alternatively visit georgewimpey.co.uk

The Village by Bryant Homes is one of only seven Millennium communities in the UK designed to demonstrate very best practice in social and environmental sustainability. And the eco status of the homes and the green initiatives on site definitely appeal to buyers because they’ll be doing their little bit for the environment.

Every property at The Village has an EcoHomes ‘excellent’ rating and this reduces metered energy consumption and mains water consumption by 20%, plus improves on daylighting and noise proofing by 10%. And increased circulation areas created by roomier living spaces, high insulation levels and low energy heating systems all contribute to the homes being substantially friendly to the environment, and will see further reduced living costs.

Current availability includes two bedroom semi detached homes with parking space from £129,995, three bedroom semi detached homes with two parking spaces from £142,995 and three bedroom semis with double garage from only £145,000. Visit The Village on Holyhead Road between 10.00am and 5.00pm daily, or log on to Bryant.co.uk/thevillage.

*Information taken from a recent survey from high street bank Abbey.