Interest Free Loan Makes A Move

Date: Tuesday 10 August 2010

Like many homebuyers during these difficult times, Dr Kirsten Haack found it wasn’t easy to get that first foot on the property ladder. Making the transition from living in rented accommodation around the UK for several years, to investing in a home of her own in Newcastle was the bold step she took, but she describes it as the best decision she has ever made.

“I am a lecturer at the university here and my job has meant that i’ve had to move around the UK a lot, after originally coming from Germany. Once I had settled into living in Newcastle, I decided I wanted to invest in a home. I was looking for a new-build house but I also wanted something a little different, so when I saw the individual architecture of the two bedroom Angel mews homes at Staiths South Bank in Gateshead, I knew it was the place for me.

“Unfortunately, with the mortgage lenders withdrawing the funding for 90% mortgage deals during the recession, I just couldn’t afford a 20% deposit. But fortunately for me, Taylor Wimpey stepped in and helped make my move possible with an Interest Free Loan.”

Through using the Interest Free Loan, Kirsten was able to borrow 10% of the purchase price of her new Angel home as an interest-free, 10-year loan, while still owning 100% of the property. And with her 10% deposit, Kirsten was able to secure a mortgage for 80%, meaning lower monthly mortgage payments.

“The Interest Free Loan was a great opportunity and it made it possible for me to buy my dream home. I love the development and the location, and as its just 12minutes away from the University, everything just couldn’t be better.”