The key to moving up the property ladder

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 George Wimpey’s Viewpoint development in Heeley, the house builder 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.

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, 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 per cent above the Bank of England rate.

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

Anne Bagshaw, 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.”

George Wimpey’s Viewpoint development is situated on Myrtle Road in Heeley, and consists of 177 properties, including luxury two bed apartments, three bedroom mews homes and three and four bedroom townhouses.

Prices currently start at just £89,995 for a two bedroom apartment, and being situated close to the heart of Sheffield, a city with a rich history and a big future, the development’s location is ideal for a whole range of buyers from young professionals to growing families.

For more information about Viewpoint, call into the sales information centre on Myrtle Road, which is open Thursdays to Mondays from 11am to 5pm or log on to Georgewimpey.co.uk.

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