Date: Tuesday 02 March 2010
If your son or daughter is one of the 33% of men and 20% of women aged between 20 and 34 who still live at home, a new scheme by Taylor Wimpey could well be the ideal present this Mother’s Day! As one of the largest housebuilders in the UK we have introduced an initiative which invites family and friends to help purchasers with the cash deposit they need to buy a new home and in return Taylor Wimpey will pay them a guaranteed return of 5% per annum for 5 years on the sum invested.
Family and Friends Advantage is available on deposits of up to 20% of the purchase price. A £30,000 deposit on a £150,000 property, for example, would see a guaranteed return of £1,500 every year for five years. Contributions towards the deposit can be made by more than one person and the rebate is paid directly into one nominated bank account on an annual basis.
A range of lenders are supporting the new scheme, and if your family are providing the deposit, the Halifax is offering an exclusive range of fixed and tracker mortgages with a loan to value of 80% for Taylor Wimpey purchasers. This comes with an added financial benefit of refunding the valuation fee direct to the purchaser.
Kevin Belsham, national sales and marketing director, comments: “We understand that parents still want to help their children get onto the property ladder but, for many, simply acting as the bank of mum and dad is no longer an option. Family and Friends Advantage is a really straightforward scheme that provides a generous short-term return for those providing the deposit, as well as the possibility of both parties benefitting should house prices rise over the longer term.”
Family and Friends Advantage is currently available on selected properties across the UK.
For further information on the new scheme, including full terms and conditions, visit taylorwimpey.co.uk/advantage