The current lack of affordable mortgages and rising property prices in recent years means more than one million young people* are moving back in with their parents in a bid to save money. Dubbed the ‘baby boomerangers’ because of their inability to leave home for good, one in five 18 to 24 year olds and an estimated 440,000 25 to 35 years olds have admitted they have either returned to the family home or put their plans to move out on hold as they try and save for a deposit. But a new idea from national house builder Taylor Wimpey may be the solution.
Deposit Match is a new scheme being offered at selected developments on a range of two and three bedroom homes throughout the east of Scotland – perfect choices for first-time buyers! This scheme opens the door to more affordable mortgages, and on selected properties, Taylor Wimpey will match the deposit put down by buyers, up to 10 per cent of the property’s value, providing access to a wider range of mortgages, better interest rates and reduced monthly payments – which all adds up to a great deal for first-time buyers.
The scheme is extremely simple – buyers are given the Deposit Match amount in the form of an interest-free loan over 10 years. They own 100 per cent of their property and there is no rent or interest to pay during the loan period.
Karen Armstrong, regional sales and marketing director for Taylor Wimpey East Scotland, explains: “With the availability and affordability of mortgages being a major concern, this scheme goes a long way to addressing the problems facing first-time buyers who’re trying to get onto the property ladder.
“Buyers have the opportunity to boost the funds they already have access to with an interest free loan, which increases the number of mortgage deals available to them, and reduces their monthly repayments. A typical example is a buyer purchasing a stylish two bedroom mid terrace Brodick at our Wester Meadow development in Dalkeith who would pay just £137,700** now instead of £153,000, and they would own 100% of the property, making a saving of £15,300 now which is repayable over ten years in the form of an interest-free loan. Importantly purchasers taking advantage of Deposit Match are guided through the scheme by Taylor Wimpey’s appointed independent financial advisors and solicitors.”
In addition, there are also a range of other incentives available to help first time buyers get on the move, from stamp duty and legal fees paid to special furniture packages.
See Also: Property News (5994)
Date Published: 22 June 2009
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