Secure a new home now and carry on saving
It is now possible for Liverpool homebuyers to reserve a brand new home while they are still saving for their deposit – and Lovell will even match what they save.
Lovell’s Bank and Build incentive is a savings scheme, which enables first time buyers to secure a new home then save for their deposit while it is being built.
It means first time buyers could save for a home much faster than the 17 years a recent survey suggested it could take.
According to the study, if you took someone in their twenties, with an average salary of just under £21,000, saving for an average deposit of £28,770, it would take 17 years of putting aside 10 percent of their take home pay every month to reach the target.*
Thankfully, the process could be much faster and more straight forward with Lovell. An independent financial advisor helps buyers to decide which home they can afford and advises exactly how much deposit they will need. A monthly savings plan is then set up and once the potential purchaser has saved 5% of the purchase price, Lovell will match it, to give them a 10% deposit.
With two exciting developments across Liverpool both offering the ‘Bank and Build’ scheme on selected homes, buyers will be spoilt for choice.
Elaine Taylor, regional sales manager for Lovell, said: “This is a fantastic scheme for first time buyers who may have been struggling to save for the full deposit.
“Whether you already have some savings, or haven’t started yet, we’ll help you reach your target quicker, and you could be in your dream home sooner than you think. Your mortgage is arranged in the usual way, subject to terms and conditions, and contracts will be exchanged on the condition that the ‘Bank and Build’ deposit payment plan is maintained.
“For example, if you buy a two-bedroom Lovell home for £120,000, you will be required to save £6,000 for a 5% deposit. You could opt to save £860 a month over seven months. Once you have saved, we will gift you a further £6,000. It’s that simple.”
With the potential for better mortgage interest rates and much lower monthly repayments that come with putting down a larger deposit, Lovell’s Bank and Build scheme could help make a more affordable move possible.
Lovell offers a variety of homes for sale, from contemporary two-bedroom apartments to stylish family homes, in established residential areas.
The developer is building a high quality range of homes close to local shops and schools at Kensington Court, Kensington. Two and three-bedroom homes are priced from £105,995.
In Garston under the Bridge, Lovell has created a fantastic community of stylish homes at Church Fields, just a stone’s throw from Liverpool South Parkway Station and within easy reach of Liverpool Airport. Three-bedroom homes here could be yours from as little as £139,995.
All homes come complete with fully fitted kitchens, contemporary bathroom suites and inbuilt energy efficiency measures. Attention to detail is paramount and purchasers could even personalise their new home with Lovell’s ‘Inspirations’ range of optional extras subject to build stage.
For more information about Lovell and its help for first time buyers in Liverpool, visit lovell.co.uk.
*Source of statistics: Halifax and The Office for National Statistics
