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The Generation Game

Housing Group Offering 100% Mortgages

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Places for People, one of the UK’s largest property management and development groups is set to offer its own mortgage range on a major new development in Milton Keynes. It is believed to be the first time that a housing group has offered its own mortgages.

The Group is offering homebuyers a number of new finance products at its WolvertonPark development.

Wolverton was the world’s first railway town and former home to the Royal Train. It has been extensively redeveloped by Places for People to provide 300 new homes, shops, offices, and leisure facilities.

The finance products on offer include:

• 100% mortgages - so no deposit is needed, although flexibility is available to pay one if the customer can afford to do so. The Group will offer a choice of competitive repayment mortgages – fixed, and tracker.

• An equity loan up to 30 per cent for those who cannot afford the full cost of homeownership. There is no interest to pay on this loan for the first ten years, after which the tracker rate is charged at two per cent above the Bank of England base rate.

• A buy back guarantee for the first three years, to protect against individuals falling into negative equity. This is not an insurance based product unlike some existing deals – we will buy back the homes ourselves at the price customers originally paid, should they experience negative equity.

The products are being launched due to the high interest from buyers in WolvertonPark, yet who are unable to access or afford the necessary finance to purchase their own home.

David Cowans, Chief Executive of Places for People said: “We are really proud of our WolvertonPark development, and are committed to making it a successful place where people want to live, and work in the long-term. This move is about helping people realise their aspirations and own their dream home. Rather than rent the properties out, we decided it was better to give our customers greater choice and reassurance by providing mortgages, equity loans, and a buy back guarantee.â€

Mark Johnson, Knight Frank, sales agent and advisors to Places for People at WolvertonPark added: “This is a really exciting initiative by Places for People. WolvertonPark is a first class development, providing the perfect mix of quality homes in a superb setting with history and charm, and now they are offering one of the most motivating opportunities I’ve seen in a long while. Due to market conditions, many buyers have been unable to find the funds to make their move, so the new mortgage and equity loan products will unleash a whole new market. This really is a step in the right direction. What an opportunity!â€

There are two mortgage products: a fixed lifetime tracker rate of 4.55% and a two year fixed mortgage deal at 5.99%. The products are not restricted to first-time buyers or those with a certain household income. The only restriction is that the property must be the main residence of the purchaser. Places for People will not be selling to investors.

The scheme is limited and available only at WolvertonPark. It is subject to status and affordability.

Homebuyers can find out more by visiting WolvertonPark, calling the Knight Frank marketing suite on Tel: 01908 306262 or logging onto www.wolverton-park.co.uk

Your home may be repossessed if you do not keep up repayments on a mortgage, or any other debt secured on it.

http://www.24dash.com/news/Housing/2009-06...-mortgage-range

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