Take the 15 Minute Mortgage Challenge this weekend
Mortgages are at their most affordable in 14 years and you could see if you qualify for one in the time it takes to drink a cuppa.
At Compton Park in Wolverhampton and Chestnut Walk in Bilston this weekend (September 7/8) visitors can take Redrow’s ‘15 Minute Mortgage Challenge’ to find out if they can secure a mortgage on a new home.
New homes mortgage specialists will be on hand at both locations to review customers’ finances, assess how much they can afford to borrow and guide them through the buying process, including explaining incentives such as Help to Buy.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “Reports from the Halifax suggest mortgages are at their most affordable for more than a decade, with payments accounting for just 27% of average incomes and interest rates at historically low levels. While many consumers are showing signs of increased confidence in the housing market, not everyone may realise what it means to them and what they could afford to buy.
“We want to streamline the buying process as much as possible to make it quick and simple for our customers. During our 15 Minute Mortgage Challenge event, visitors to Compton Park and Chestnut Walk will be able to talk to our new homes mortgage specialists about their options, including Help to Buy.
“Based on their savings, income and outgoings we’ll quickly be able to work out how much they could afford to borrow to buy a new home. In fact they could even find out if they qualify for a mortgage in just 15 minutes or the time it takes to have a cuppa!”
Help to Buy allows home buyers to take out a 20% equity loan from the Government, which is interest free for five years. They then only need a 75% mortgage and 5% deposit to purchase their new home and monthly mortgage repayments should be lower than expected.
Chestnut Walk offers a good choice of homes with two, three and four-bedrooms, with prices from £119,995.
A three-bedroom Letchworth, available on the open market at £159,995, could be purchased for an initial outlay of £127,996. The lower price includes a customer deposit of £8,000 and a mortgage of £119,996
As Help to Buy is available on new homes priced at up to £600,000 it could even be used to purchase one of the large and luxurious five-bedroom properties at Compton Park, where full market prices start from £539,995.
To take Redrow’s15 Minute Mortgage Challenge, visit Compton Park in Wolverhampton or Chestnut Walk in Bilston this weekend (September 7/8).
Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.