Property developer Fairview has announced a new 1% deposit scheme, designed to make taking the first step on the property ladder a little easier. The scheme, called ‘Save to Buy‘ is available to first-time buyers who meet certain criteria.
The goal of the reduced deposit is to let people move out of rented accommodation sooner, saving what they would be paying rent towards the rest of the deposit.
How does the 1% deposit scheme work?
The scheme allows new home buyers to move into a property right away, rather than waiting until they have saved the traditional deposit of 10% or more. The buyers then make regular monthly payments that go towards their deposit for the next 6 – 24 months. Save to Buy lets buyers use the money they would otherwise have spent on rent to fund the remainder of their deposit.
According to Fairview, the average renter takes 5 years to save a deposit. They estimate that using this 1% deposit scheme, the same household would be able to move right away and save the same down payment in 12 months.
Who can apply for Save to Buy?
Save to Buy is exclusively for first-time home buyers, looking to move into one of Fairview’s new build properties in London and the Southeast.
Otherwise, Fairview describes the scheme as ‘designed to help those who otherwise cannot buy immediately’, and ask that you reach out to their Sales Team for more information if you are interested in Save to Buy.
How long do I have to join the 1% deposit scheme?
The Save to Buy program is currently intended to end in December 2023, but the available plots will be allocated on a first-come, first-serve basis. Once the designated plots are gone, you won’t be able to join the scheme. That means interested house buyers will need to reach out to Fairview as soon as possible.
If you’d like to learn more, you can read the complete details of the Save to Buy 1% deposit scheme here. Fairview emphasises that every application will be considered on a case-by-case basis, so they encourage any interested buyers – or anyone with questions about the scheme – to reach out to them directly.
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