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Deposit scheme comes to rescue of Rugby house buyer

15th September 2009 Print
Deposit scheme comes to rescue of Rugby house buyer A relieved Rugby homebuyer is celebrating getting back on the property ladder after Taylor Wimpey West Midlands solved his deposit shortfall and secured him a more cost effective mortgage.

Jonathan Jenkins (34) (together with partner Lisa Brzozowski, age 25) ended months of rental frustration when purchasing a four bedroom detached property at Caldecott Manor on Boughton Road, but it was only made possible when Taylor Wimpey matched their 10% deposit and gave them access to far better interest rates and a much lower monthly mortgage payment.

Buyers are given the ‘Deposit Match’ amount in the form on an interest-free loan over 10 years, but own 100% of their property from the outset. There is no rent or interest to pay during the loan period and you can repay the loan when you sell, or have the option to make up to three smaller one-off payments.

For Jonathan, the good news also came after a traumatic period because recently divorced he was renting just around the corner from Caldecott Manor to be close to the ex-marital home. His young son, who tragically passed away recently, suffered from a very rare condition called myotubular myopathy* (MTM) and Jonathan was heavily involved in his 24/7 care until he died just eight days short of his first birthday.

He explains: “I still can’t see how they do it really, but it’s been an absolute lifesaver. We liked the look, feel and location of Caldecott Manor, but only had a £20,000 deposit, however when the sales executives Sue and Kate pointed out that was 10% of the Highclere home we’d set our hearts on – and that they could provide the other 10% required - we couldn’t believe our luck.

“It meant we could have an all-important 80% mortgage and borrowing against £170,000 rather than £210,000 finally meant a manageable monthly payment. The Deposit Match loan is interest free as well, which is cheaper than going to any bank. This scheme does exactly what is says on the tin and is managed by Taylor Wimpey’s independent financial advisors and solicitors, which making the whole process extremely straightforward. They also cover stamp duty and legal fees, so it’s a win, win situation as far as we’re concerned.”

To make the divorce a clean a break as possible, Jonathan’s ex-wife kept the family home and he took on their property in Cyprus. However, the recent downturn meant he couldn’t sell it - and as an asset, rather than funds, he was unable to mortgage against it. So, it was Lisa who had to take out the initial £20,000 loan for the deposit, but they faced months of heartache when none of the banks would consider a 90% mortgage.

Jonathan adds: “I thought the dream move was over and after 15 years of owning a property I found it really frustrating not being able to get back on the ladder. But this has all happened so quickly and easily. Sue and Kate have been brilliant from the beginning with nothing too much trouble and all our queries handled very professionally. And we’ve also dealt with another sales executive (David) who was the person we’d initially rented from at Newman’s estate agents, so it’s been one friendly face after another – which always helps.”

“This scheme tackles the current credit crunch head-on,” says Carol Edwards, regional sales and marketing director. “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. However, it’s been very popular and we only have funding for another half dozen or so purchases, so I urge those looking to move to speak to our sales executives as soon as possible to find out how the scheme could help them too.”

Caldecott Manor is a £35 million development of luxury apartments, mews and detached style homes plus spacious, executive properties – set in a much improved landscape. Located just over a mile north of Rugby town centre in an established residential (but value-for-money) area, it’s very close to a Tesco supermarket and both the Elliot’s Field and Junction One retail parks. Boasting picturesque views to three boundaries (canal, brook, open space), it also has excellent communication links being just south of Junction 1 of the M6 and north of the railway station.

Current availability includes traditional four bedroom detached homes with garage from just £211,995 and slightly larger versions with double garage from only £231,995.

For more information, visit the Sales Centre and showhomes open seven days a week from 10am –5pm, or log on to

* MTM is a rare muscle condition which affects mostly boys at birth and sometimes an even rarer form develops later in life affecting both boys and girls. It causes profound muscle weakness and most critically it affects the muscles that control breathing and swallowing and is a constant threat to life - even a simple cold could prove fatal. Sadly many do not survive their first year of life. Details are available at

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Deposit scheme comes to rescue of Rugby house buyer