Self Employed Mortgage Advisors
Nationwide: £100000
Commercial Finance Brokers Nationwide
City of London: £50000
House price search
Enter your postcode here to find out how much your property is worth, based on Land Registry data.
RSS Feed
Daily news archive
Exchange Bond provision grows
11 February, 2008
Two new businesses have joined with the Exchange Bond scheme in order to help borrowers lessen the immediate financial impact of homebuying.
The South Yorkshire Housing Association (SYHA) is now accepting Exchange Bonds from its clients instead of asking for a cash deposit upfront, whilst property investment company Fresh Invest has expanded into Bond provision.
The product both speeds up the purchasing process and minimises a buyer's capital outlay meaning that they can keep hold of their deposit until the sale of the property completes, freeing up finances in the interim period.
Margaret Walker, sales & marketing manager at the SYHA, said that providing such a large cash sum at the point of exchange creates a real barrier for buyers, especially the elderly, something the Exchange Bond is hoped to tackle.
Frank Speight, joint chief executive officer of Exchange Insurance Company (ExCo)said: “The Exchange Bond is designed to make homebuying more financially viable for many more people, from first-time buyers who would not otherwise have been able to get on to the property ladder, to key workers, existing home owners and even investors."