The news that all the lenders supporting the 95% Government-backed NewBuy scheme will now accept part exchange deals with the mortgage should offer a huge boost to the housing market in - and see even more homeowners moving up the property ladder in the next few months.
So says a director of Bovis Homes, one of the few housebuilders in the country to be signed up with all six of the national lenders - Halifax, Barclays (Woolwich), Nationwide Building Society, RBS (NatWest), Aldermore Bank and Santander (who were the first to accept part exchange with NewBuy).
Kevin Wilkins expects the move to open up the market for those who have been struggling to sell their old home, while still aspiring to get a new place with a low-deposit mortgage.
"The NewBuy mortgage has already helped a number of our customers make their dream move into a Bovis Home - especially first-time buyers," said Bovis Homes' Group Marketing Director. "It is now set to have an even bigger impact as more existing homeowners discover the advantages of NewBuy now that all the lenders involved have agreed to allow part exchange with the mortgage.
"Being able to use our Home Exchange scheme with NewBuy means a family looking to buy now could save themselves the money and stress normally associated with being in a chain - and only need a 5% deposit to buy their brand new home!"
"But this winning combination is initially only available for another four months so I would encourage anyone wishing to make the most of it to contact one of our sales advisors at the development of their choice and find out what it could mean for them."
Home Exchange has proved to be a popular scheme with owner occupiers because it offers buyers a degree of certainty as well as a quick and efficient move. There is no chain and therefore no reliance on others being able to get their properties sold, while there is the significant benefit of saving thousands of pounds on estate agents' fees.
"With interest rates still at historically low levels and further money to be saved by using Home Exchange, the next few months promise to be a great time to buy," added Kevin. "The NewBuy-Home Exchange partnership could really make the difference to some buyers who thought a move was out of their reach at the moment."
Terms and conditions apply to both NewBuy and Home Exchange and buyers should check their eligibility with the Bovis Homes sales team at the development of their choice.
More information on Bovis Homes developments and their purchase assistance schemes can be found at www.bovishomes.co.uk
Scheme currently not available in Wales. Maximum property purchase price under NewBuy scheme is £500,000. Purchaser must be owner occupier. Not to be used with shared equity products. Not to be used in conjunction with any other offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.