Help for buyers with Banner Homes' Money Match scheme
Leading housebuilder Banner Homes is helping purchasers take a step onto the property ladder by offering its Money Match scheme on a number of its developments. Money Match allows buyers to take full ownership of their chosen home, despite initially paying only between 80% and 95% of the purchase price. The remaining 5% to 20% is effectively lent interest free for up to 10 years.
Comments Piers Banfield, Group Sales and Marketing Director for Banner Homes, “In a market where people are struggling to borrow money from banks, schemes such as Money Match give purchasers a helping hand onto the housing market. We are offering this scheme on a number of our developments, and will be holding special information weekends where people can come along and learn more about how the scheme can work for them. Quite simply Money Match is a smarter way to buy a new home.”
“Money Match also works for those looking to buy a home as an investment. The scheme allows purchasers to reduce the capital employed during the first ten years, without affecting the rental income. At the end of ten years, the investment can simply be sold, realising any capital growth over the period and paying the Money Match balance. Alternatively the rental growth over the ten years may well have provided sufficient incentive to pay off the balance and retain the investment.” continues Piers.
The amount of money that is available through the Money Match scheme will depend on how much deposit a purchaser already has. If they have a 15% deposit Banner Homes will match this deposit by delaying payment of 15% of the agreed purchase price. This will give a Money Match percentage of 15% and mean the purchaser only needs to get a mortgage of 70%, making it much easier to obtain and more affordable. The minimum amount available through the Money match scheme is 5% whilst the maximum is 20%.
The Money Match balance is paid back either on the date the home is sold or ten years after the purchase date, whichever is sooner. Purchasers can also elect to pay the balance at any time during the ten year period as a one off payment. The Money Match balance will either be the original outstanding balance or the Money Match percentage of the market value of the property, (whichever is higher) at the time the balance is repaid. The market value of the home will be assessed by taking the average valuation from three independent estate agents. Banner Homes will only benefit from the capital growth on the Money Match percentage and will charge no interest, provided the balance is paid when it becomes due.
The Money Match scheme is available on a number of Banner Homes’ development; Church View in Southam, Warwickshire, is a development of three and four bedroom homes. A Money Match/First Time Buyer weekend will be held on 8th and 9th January 2011 where an independent financial advisor will be available to help with any enquiries.
Prices at Church View start from £184,995 for a two bedroom home, from £199,995 for a three bedroom home and from £274,995 for four bedroom semi detached home rising to £319,995. The show home is open Thursday to Monday from 10am to 5pm.
Whitehorse Park in Banbury, Oxfordshire is a selection of three and four bedroom homes. A Money Match weekend is being held on Saturday 15th and Sunday 16th January 2011 where an independent financial advisor will be available to help purchasers. Prices start from £287,950 for a four bedroom, three bathroom terraced home rising to £309,950. The show home is open Thursday to Monday from 10am to 5pm.
Money match is also available at Partridge Corner in Birdlip, Gloucestershire, a development of two and three bedroom homes located near one of England’s most appealing Regency towns. Prices start from £195,000 for a two bedroom apartment and from £275,000 for a three bedroom semi detached home rising to £370,000 for a three bedroom detached home.
Saxon Gate in Burghfield, near Reading, Berkshire is a small development of just six three bedroom homes surrounded by partly wooded countryside. Prices start from £265,000. The show home is open Thursday through to Monday from 10am to 5pm.
Banner Homes will be launching Tyhurst Place in Andover, Hampshire in January 2011. It features eight homes ranging from two to five bedrooms in the leafy setting of Andover. Prices range from £275,000 to £595,000. To register your interest visit: bannerhomes.co.uk/tyhurst-place
