Life Support
The deposit saving scheme for first time buyers.
With our deposit saving scheme we've made it far easier to start paying for your new home. The way it works is simple. Normally you would be required to pay a 5% deposit in a lump sum, so for example if the purchase price is £100,000 you would need to pay £5,000. But with our scheme you can spread that payment over the period of construction. A £500 reservation fee followed by a £500 deposit on exchange of contracts would leave you £4,000 to pay. Spread over the construction period, of say 16 months, you would pay £250 in equal monthly instalments so that when legal completion occurs you will have paid the 5% deposit in full.
Of course, if you reserve later, the monthly amounts you pay will be slightly more but paid over a shorter period.
It's a great way to get started and to prepare you for your mortgage payments.