- Especially for first time buyers
- You only need a 5% deposit
- 10% is an interest free loan, repayable when you sell your property*
- So you'll only need a mortgage for 85% of the purchase price*
How does the Places for People scheme work?
A 5% deposit is payable by you. The mortgage finance is arranged on 85% of the purchase price. The remaining 10% is an interest free loan that you don’t have to pay back until you sell or transfer your home. If you do not keep up repayments on your mortgages, you will be required to repay the 10% of the open market value at an earlier date.
View The Woodlands development where this scheme is available.
Frequently Asked Questions:
Are any other costs involved?
Legal fees, mortgage arrangement fee, valuation fee, moving costs and Stamp Duty will be payable by you.
If I improve my property, do I have to pass 10% of the increased value to Ward Homes?
No – any increase in value due to your improvements will be deducted first
What if the market value of my property decreases?
The repayment is 10% of the market value at the point of resale or transfer, whether this is more or less than the original purchase price.
Can I buy a property to rent out?
Sorry – the Ward Homes Places for People scheme is only available for those buying a home as a place to live.
Can I pay off my 10% earlier?
You can pay the 10% earlier by serving written notice on Places for People. The 10% will be based on the open market value of the property. You cannot pay off the 10% in installments.
How do I apply?
You need to inform your Ward Homes Sales Adviser who will refer you to an Independent Mortgage Advisor. If you decide to proceed with a loan, you will be asked to use one of a number of independent solicitors recommended by Ward Homes.
For full terms and conditions click here.
View The Woodlands development where this scheme is available.
*This offer is only available on selected properties. Ward Homes requires a £500 reservation fee. This is payable at reservation but is fully refundable on legal completion. You must pay a deposit of 5% of the purchase price. The offer is subject to status, availability and Ward Homes terms and conditions, including exchange of contracts within 28 days and legal completion by the specified date. Written details available on www.wardhomes.co.uk. You should seek independent financial advice Ward Homes cannot give financial advice about your purchase. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Ward Homes reserve the right to withdraw or alter this offer at any time prior to the payment of the reservation fee. Interest is only payable (at 4% above base) for the period from the Repayment Date to the date of actual discharge of the charge. Prices correct at time of going to press.
Typical Example: Purchase a property at £200,000. 5% (£10,000) is payable by you on exchange of contracts as a deposit. Of the remaining 95% of the purchase price due on completion, 10% (£20,000) is covered by the second load from Places for People; the remaining 85% (£170,000) will be funded by your first mortgage. If the property is sold or transferred for £210,000, then 10% (£21,000) is payable to Places for People. If the property only sells for £190,000, then 10% (£9,500) is payable.
* 10% of the value of the property will also become repayable if you are in default of any of the terms of the Places for People loan. If the loan is not repaid on the date of the sale of the property or on the date of any default, interest will be charge at 4% above base rate for the period from the date repayment is due to the actual date of payment to Places for People. Your solicitor will be able to advise you on this.