Exchange Bond offers 'deposit free' alternative to homebuyers

09-Mar-2007

Launched by Exchange Insurance, the Exchange Bond may offer homebuyers - including first time buyers - the opportunity to purchase a home without the need for a cash deposit.

Under the terms of the Exchange Bond, rather than providing a deposit to secure the purchase of a new home, the purchaser needs only to present the bond and make a payment to cover the vendor's asking price, the company providing the product states.

To date, the bond has been used at a number of new housing developments, including the i-Land project in Birmingham and the Vallea Court development in Manchester.

"The Exchange Bond is a fantastic marketing tool. When potential property buyers realise they don't need to stump up a large cash deposit straight away, they are much more likely to sign on the dotted line," said Keith Hazeldine, sales and marketing director for Crosby Lend Lease Midlands.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

The Exchange Insurance Company is authorised by the UK's Financial Services Authority.

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