It is the first nationally available deal of its type in over two years, and will be a welcome boost to a housebuilding industry increasingly reliant on part exchange as a means of encouraging movement in the market.
The new mortgage for part exchange properties is exclusively available through the New Homes Part Exchange service via the New Homes Mortgage Helpline, both part of The New Homes Group.
Gaynor Hookings Group Marketing Director, says:
"This mortgage will really help our housebuilder clients stand out from the crowded PX re-sale market, the offer of a 95% mortgage will help to shift stock and clearly demonstrates the housebuilders commitment to providing the best possible sales service for all their purchasers."
The new 95% mortgage is being offered in partnership with the Skipton Building Society, and is the first of what is hoped to be a number of attractive mortgage offers being developed by The New Homes Group in 2011.
The partnership was formed and the terms agreed as a result of the long standing reputation of The New Homes Group in serving the needs of the housebuilder community, with New Homes Part Exchange being the fastest growing part exchange service in the UK.
Hookings comments:
"With rental prices high and the cost of living increasing, for many the task of saving a large deposit in order to purchase a home is just not a reality. However with this mortgage product housebuilders can now offer their part exchange re-sale purchasers the opportunity to secure a mortgage with just a 5% deposit.
"I'm delighted to be able to offer our housebuilder clients some support in these challenging times. We are continuing to negotiate with lenders, including the Skipton Building Society, to come to the market with other highly competitive offers for the new homes market."
