Bloor Homes unveils a new flexible way to pay
Date: 28/09/2007
Region: West Midlands
We are offering a new finance package that could offer purchasers more buying power and greater flexibility at its developments in Starlock Manor development in Stone. The Moreflex property purchasing option is a combination of conventional-style mortgage and low rate interest-only fixed loan.
Although the arrangement differs from a normal property mortgage, it still gives the purchaser 100% ownership of the property. A key advantage is that the buyer is not bound by the usual income-to-loan ratios imposed by building societies and other mortgage lenders. The company describes Moreflex as suitable for all types of buyer, including the self-employed and first time buyers.
After payment of a minimum 5% deposit, the borrower takes a loan for the balance which is split into two elements. One, which represents between 65% and 85% of the property price, is a conventional mortgage, carrying a fixed interest rate for the first three years. The second part of the borrowing is an interest-only loan for the balance of the price (between 15% and 35% of the property price). The loan carries a fixed interest rate of 3.99% (typical APR 6.2%) which runs for the term of the mortgage. When the property is sold the amount payable on the loan account is the same percentage of the value of the house that it represented at the time of purchase.
Sales director for our West Midlands region Anne Cadman says: “For many buyers, the main advantage of Moreflex is that it extends their purchasing power without substantially increasing their monthly outgoings. Although the amount borrowed is split into two elements, both are provided by the same lender so there is only one combined monthly payment.”
Starlock Manor is situated in Oulton Road, a desirable residential area. It is a small development of just five new-build 5 and 6 bedroom homes priced from £599,950 to £635,00 plus a refurbished Victorian 6/7 bedroom home at £650,000. The sales office is open Thursday to Monday from 10.30am to 5.30pm and can be contacted on 01785 815469.