If your parents are able to provide that much needed boost to your deposit fund, Lovell will reward them by giving them a return on their investment that beats most banks.
In fact if any member of your family, or a friend, has been generous enough to contribute to your deposit for your first new home, Lovell will make sure they receive the equivalent of 5% interest on the amount for five years - and they'll give it to them as soon as you move in.
With five exciting developments across Manchester, all offering the 'Give and Gain" scheme, buyers will be spoilt for choice.
Elaine Taylor, regional sales manager for Lovell, said: "This is a fantastic scheme for first time buyers and their families if they are able to help out.
"The maximum gifted deposit from a friend or family member (subject to lender's agreement) is 20% of the purchase price however, some lenders will accept a smaller deposit or you could supplement your deposit with savings of your own. You can speak to one of our recommended independent mortgage advisors who will be able to talk you through the range of mortgages available.
"For example, if you buy a two-bedroom Lovell home for £120,000 with a 20% Give and Gain deposit of £24,000 from your family member or friend, they would earn massive £6,000 "interest" on this."
With the potential for better mortgage interest rates and much lower monthly repayments that come with putting down a larger deposit, Lovell's Give and Gain scheme could help make a more affordable move possible.
Lovell offers a variety of homes for sale, from contemporary apartments to stylish three and four-bedroom family homes, in established residential areas.
At Fairfields, in Openshaw, Lovell is building a high quality range of homes and apartments close to local shops and amenities. Two-bedroom apartments are priced from £99,995 and three-bedroom homes from £139,995.
Located just one mile from Manchester city centre, at The Way, in Beswick, Lovell has contemporary homes for sale in a vibrant location minus the city centre price tag. Stylish three-bedroom houses are available from just £154,995.
Lovell's brand new development, Gener8, in Miles Platting will also be offering the scheme across a range of two, three and four-bedroom house. The launch of Gener8, off Sandal Street, in conjunction with Manchester City Council, will mark a major step forward for the regeneration of east Manchester. It will bring high quality yet affordable new homes to local people.
Situated within an established residential area, future residents of Gener8 will not only have an exciting new place to call home, they will be within easy reach of a host of local amenities including Miles Platting Swimming Pools, the newly opened £7.4m Park View Community Primary School, Miles Platting and Ancoats Sure Start Children's Centre, Victoria Mill and the sports facilities at Eastlands.
Further north in Middleton, Lovell has two developments of two and three-bedroom homes; Windermere Park and Windermere Gardens. Both are ideal for first time buyers and families situated within a quiet neighbourhood close to the town centre, which is enjoying ongoing regeneration. Spacious interiors and quality fixtures and fittings come at an affordable price, with prices starting at £107,995 for a three-bedroom house.
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.
See Also: Property News (6705), Lovell Homes (5), Gener8 (4), Manchester (29)
Date Published: 07 November 2011
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