Developer offers home-buying on credit card
Developer Galliard are offering the controversial deal, which many fear could see a return to the days of ‘easy credit,’ which sparked the property crash of 2007.
Galliard’s £100m Royal Gateway development in Canning Town will feature flats costing £250,000, half the price of the average London home.
David Galman, sales director of Galliard, said the scheme will “enable ordinary Londoneres to get on the housing ladder”.
Prospective buyers will be required to find a 10% deposit of £25,000 within 20 days, yet Galliard are encouraging brokers to arrange funding via a separate 25-year loan.