Securing a mortgage could be easier than you think

Mortgages aren’t as hard to come by as some people think – even for those without a large deposit – according to one of the financial advisers who helps customers secure a brand new Redrow home.

Financial advisor Martyn Richards, from South Wales-based Asset Mortgage Solutions, says it may not be “easy” to obtain a mortgage, but many people are able to borrow - and the deposit they need to find is not always as large as they believe.

He adds: “If your credit status is good and you have a secure income which you can prove, you may only need a 10% deposit and if the vendor or home builder is prepared to gift 5% then you may only need to find 5% of your own. I’d say it’s easier to obtain a mortgage now than at any time in the last couple of years.”

Redrow is helping home hunters step onto and up the property ladder at developments across South Wales, from Cross Hands in the west to Caldicot in the east, with a range of incentives, which could make obtaining a mortgage easier.

Debby Pavitt, Redrow sales director, commented: “It’s easy to be confused and misled by media reports about the mortgage market and how difficult it is to borrow money to buy a home. Many people wrongly believe they won’t get a mortgage unless they can find a large deposit, perhaps as much as 25%; but in many cases, particularly where we can help them out with a gifted 5% deposit, they might only need to find or save 5% of the purchase price themselves.”

Martyn also believes the current climate is a great time for most people to buy.

“Those who can find a deposit and obtain a mortgage should take advantage of some great value while it lasts. With interest rates at an all-time low, is there going to be a better time to buy?” he says.

And the strong demand for rental properties in most areas of South Wales means investors could get a significantly higher return on their savings if they invest in property rather than leaving their money in a bank or building society.

“Buy to let mortgages are available to those with deposits of around 25%. A return of 8% to 10% is easily achievable in many parts of the country, with additional potential for capital growth in the medium – long term,” Martyn adds.

Those cheered by Martyn’s comments would do well to look at Redrow’s homes in South Wales, especially its New Heritage Collection of traditional looking family homes in sought-after locations.

Well known for style and quality, Redrow’s high-specification homes meet the demands of modern lifestyles. The traditional exteriors of the New Heritage Collection capture the character and charm of an era when quality craftsmanship was paramount. Inside they feature the latest, statement-making kitchens, bathrooms and quality fixtures and fittings.

Redrow is building its New Heritage Collection at several locations, including Awel-y-Mor, in Birchgrove, Cae Rebeca, in Pontarddulais and Maes Rhedyn in Cross Hands, Camarthenshire. It’s also available at Cae Ffwrnais, in Ebbw Vale, Cwm Calon, in Ystrad Mynach, Three Oaks, in Aberdare, Glynderwen Meadows in Oakdale, Nedern Rise in Caldicot and Croesonnen Court, in Abergavenny. Redrow also has a range of more contemporary looking homes on the former Ninian Park football ground in Cardiff.

Debby added: “As well as the potential to gift a 5% deposit, we can tailor alternative incentives to help people to move depending on their circumstances. This could include taking their existing house in part exchange or fitting high quality carpets throughout their new home.”

For availability, prices and more information about your chosen development, log onto: redrow.co.uk