In order to assist the purchase of our new properties, we offer a no monthly repayment loan equivalent to 10% of the initial purchase price:
First time buyers typically require a 90-100% mortgage and borrow up to the maximum allowable against their income.
Our incentive can add another 15% to the purchasing ability, typically enabling a purchaser where maximum price with traditional mortgage funding of say £120,000, to purchase a new Pullan Home with a price of £138,000.
Importantly, our incentive scheme requires no repayment for up to ten years (or earlier if the property is resold). After ten years, the repayment amount is 10% of the then property value.
This sale incentive scheme has beeen successfully employed by Pullan Homes for the last 15 years and has resulted in many satisfied house purchasers. Notably our scheme does not affect the borrowing ability for the traditional mortgage, as 100% of the Property Equity is transferred to the purchaser. Our security is instead gainedvia a second charge in the Land Registry deeds.
After ten years, general inflation in house prices and salary increases enable the repayment to be easily accommodated, (usually via a property re-mortgage).
Full details including typical mortgage document are available via our Sales Office.