Over the last 3 years, the credit crunch has meant that first time buyers have gone from needing an average of a 6% deposit on a new home, to a situation where lenders have more strict criteria, often requiring buyers to find 25% and more as a deposit, plus lowering their wage multipliers. This has made buying a home increasingly out of reach for many new home buyers.
Now WJ Law, one of Northern Ireland’s leading housebuilders, has teamed up with the Halifax to offer first time buyers a unique scheme that allows them to buy with only a 10% deposit. What’s more, the lending requirements of the Halifax are less onerous than many other lenders, which will make affording a new home within the reach of many more buyers.
Under the new Smartmove 2 scheme, WJ Law defers10% of the house price for up to 10 years, making the mortgage a maximum of 80% Loan to Value. Paying for only 90% of the house, gives buyers that little bit of extra help in the early years too, as the 10% deferred payment to WJ Law is free for 2 years, thereafter a fixed interest rate of 5% APR will apply. Buyers will pay WJ Law 10% of the value at the end of 10 years, or when the house is sold, whichever comes first.
Renowned for the Country Georgian character of many of their award winning schemes, WJ Law has consistently been at the forefront of innovation in the local housing market. Speaking at the launch of the new Smartmove scheme, Managing Director David Law said; “We have seen the cost of renting far exceed the cost to buy, simply because people could not get the deposit together. Working together with the Halifax we have the answer; luckily for us it includes buying one of our homes!â€
Full details of the scheme may be found at www.wjlaw.co.uk/smartmove
1. richard baxter
13/12/2010 08:33 pmI was wondering I had a mortgage back in 2004 for 11 months now I am back on the look out for a new home would It be possibile for for me to have a home through urselves. thanks