National housebuilder Bovis Homes has celebrated the completion of the first purchase of one of their new homes using the company's exclusive Perfect 10 mortgage scheme. Perfect 10 allows buyers to purchase a new Bovis home with just a 10% deposit, yet still benefit from a competitive loan rate on their mortgage.
The first person to benefit from this new Bovis deal is first time buyer Pam Bains, a 28-year-old medical sales rep who, in common with many people yearning for their first home, was facing a long wait to take her first step on the property ladder while she saved for the large deposit most lenders require. Then she heard about the Perfect 10 package and went to speak to the Bovis sales team on the day the initiative was launched. She's now the proud owner of a smart new two-bedroom apartment in Birmingham.
"I wanted to buy my own place but didn't think I could go ahead with my plans this soon," says Pam, "but the Bovis Homes mortgage deal suited my situation perfectly so I took the step and went for it. To tell you the truth, I hadn't even been considering buying a new-build property because you normally need at least a 20% deposit - so this really opened up a door for me. There was nothing else like it available at such a decent rate."
Pam was assisted through the whole buying process by Bovis Homes sales manager Georgina Neil, who continues to provide support under the company's customer service commitment. "Being able to help someone onto the property ladder when they didn't think it was possible is really rewarding and one of the best parts of the job," says Georgina.
Addressing the issue of the large deposits demanded by many mortgage lenders at present, the Home Builders Federation recently reported that the average first time buyer needs a deposit of just over £37,000 to buy a new home priced £155,000. With Perfect 10, the deposit required would be £15,500, some £21,500 less than that average.
The Perfect 10 mortgage is provided by Woolwich through Barclays Bank. The interest rate is currently fixed at 4.99% for the first two years, then reverts to a lifetime tracker rate at 2.49% above base rate, equating to 2.99% at today's rate. The deal also includes three-year unemployment protection insurance and £500 towards legal fees, providing great value for the £999 arrangement fee.
Perfect 10 is available on all new Bovis homes in England and Wales, currently comprising some 80 developments.
"Pam Bains celebrates buying her new apartment with a Perfect 10 mortgage alongside Bovis Homes' Georgina Neil"