If you’ve already managed to save a 5% deposit, you might be closer than you think to unlocking the door to your dream new home.
At Kellen Homes, we understand how challenging it can be to save for a deposit, and we’re here to help you get your foot on or climb the property ladder with our 5% Deposit Match scheme*. Here we explore how 5% Deposit Match works, the benefits it offers, and how it can help you buy a new Kellen home.
What is 5% Deposit Match?
5% Deposit Match is our new home buying scheme designed to make it easier for both first time buyers and existing homeowners to purchase a new build home. If you’ve already saved 5% of your new home’s purchase price, we’ll match it by contributing an additional 5% towards your deposit. This can help you secure your new home sooner, and you’ll benefit from lower monthly mortgage payments and greater financial flexibility.
How 5% Deposit Match works
Imagine you’re looking to purchase one of our three-bedroom semi-detached homes priced at £340,000. Here’s how the 5% Deposit Match would work:
- Your saved 5% deposit
- 5% of £340,000 = £17,000
- Kellen Homes’ 5% deposit match:
- We contribute an additional 5% of £340,000 = £17,000
Total deposit: £34,000 (10% of the home’s purchase price)
And if you already have a 10% deposit saved, our scheme works with that too...
- Your saved 10% deposit
- 10% of £340,000 = £34,000
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Kellen Homes’ 5% deposit match:
-
We contribute an additional 5% of £340,000 = £17,000
Total deposit: £51,000 (15% of the home’s purchase price)
By increasing your deposit, not only do you strengthen your mortgage application, but you also reduce the amount you need to borrow. This can lead to lower monthly mortgage payments, making it easier to manage your finances in the long run.
Benefits of the 5% Deposit Match scheme
Our 5% Deposit Match initiative offers several key benefits that can make your new home buying journey smoother:
Lower monthly mortgage payments
With a larger deposit, you’ll borrow less money from your lender, which can lead to lower monthly mortgage payments. This can free up more of your budget for other expenses or savings.
Stronger mortgage application
A 10% deposit shows mortgage lenders that you’re a lower-risk borrower, which can improve your chances of securing a mortgage with better interest rates and terms.
Faster path to homeownership
If you’ve already been saving, 5% Deposit Match can speed up your timeline, which allows you to move into your new home sooner.
Financial flexibility
The extra funds you save by using our Deposit Match initiative can be used for other important expenses, like furnishing your new home, or simply maintaining a financial safety net for unexpected costs.
5% Deposit Match with Kellen Homes
Ready to take the next step? Explore our stunning new build homes in Manchester and see how our 5% Deposit Match scheme can work for you.
For more information, contact our Sales Consultants, who can guide you through the process and help you secure your dream home.
*T&C's apply. 5% Deposit Match is available on selected developments and plots only. Subject to availability, and not available in conjunction with any other offer. Speak to the sales consultant for further information.
Your home may be repossessed if you do not keep up your mortgage repayments.
