95% mortgage for part-exchange re-sales could boost the house building industry

The New Homes Group recently announced their launch of a 95% LTV mortgage for part exchange re-sales saying "it is the first nationally available deal of its type in over two years".  The new product is available exclusively through the New Homes Part Exchange service via the New Homes Mortgage Helpline and is offered in partnership with the Skipton Building Society.  It is reportedly the first of many attractive mortgage offers being developed by The New Homes Group during 2011.
Gaynor Hookings, Group Marketing Director, says:
“This mortgage will really help our house builder clients stand out from the crowded part-ex re-sale market.  The offer of a 95% mortgage will help to shift stock and clearly demonstrates the house builders’ commitment to providing the best possible sales service for all their purchasers.
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 house builders can now offer their part exchange re-sale purchasers the opportunity to secure a mortgage with just a 5% deposit.”
This is welcome news for the housing market and could be the boost the house building industry needs.
Today’s Conveyancer, bringing you the latest conveyancing news and updates.
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