January 2009
Latest unemployment figures show more than 1.8m people are out of work and it is thought home repossessions will hit an all time high in 2009. With such gloomy predictions it is little wonder the threat of redundancy is deterring potential homebuyers from even considering moving house.
The Council of Mortgage Lenders has estimated repossessions will increase by 67 per cent in 2009, to 75,000. Already it is believed half a million people are at least three months behind on their mortgage payments. Despite Government assurances that homeowners will have upto two years to put their finances in order before eviction proceedings are enacted, there is a fear more people than ever before risk losing their home.
In light of these concerns, leading North West housebuilder Arley Homes has responded by introducing a mortgage protection plan across its portfolio of developments. The offer involves the bespoke property developer covering the mortgage payments of new buyers for up to 12 months if the worst does happen.
Alison Holton, marketing director for Arley Homes, said: “Understandably the fear of losing your income is an important factor when it comes to thinking about moving home. Buying a house is a huge commitment and it is important people have contingencies in place to ensure that investment is secure.
“Buyers are telling us they want to move into an Arley home but fears about the economy are making that decision increasingly more difficult. Arley Homes has developed a scheme designed to give buyers peace of mind. We don’t believe people’s choice should necessarily be limited by uncertainty in the job market created by the economic downturn. We would rather provide that stability as part of our commitment to our customers.”
The mortgage cover plan is just one of a series of measures being taken by Arley Homes to aid potential purchasers. The Warrington-based company offers tailor-made solutions for buyers including part exchange and chain breaker deals to help smooth the sale of their current property.
Arley Homes is currently marketing beautiful family homes across a number of developments in the region including The Coppice, Rainford; The Courtyard, Hale; St George’s Park, Mossley; Park View, Northern Moor and Churchfields, Harwood.
The mortgage protection offer is subject to terms and conditions and will be arranged through independent financial advisors at Clear Financial Services. For more details about the plan or any of the Arley Homes developments please contact Alison Holton at Arley Homes on 01925 655 511.
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Press contact:
Deborah Garritty/Heather Butler,
Bell Pottinger North (01625) 506444/411/435
dgarritty@bellpottingernorth.co.uk/hbutler@bellpottingernorth.co.uk
