Bank and Build in Manchester

A scheme will allow Manchester homebuyers to reserve a brand new home while they are still saving for their deposit, with Lovell then matching what they save.

Lovell’s Bank and Build incentive is a savings scheme, which enables first time buyers to secure a new home then save for their deposit while it is being built.

An independent financial advisor helps buyers to decide which home they can afford and advises exactly how much deposit they will need. A monthly savings plan is then set up and once the potential purchaser has saved 5 per cent of the purchase price, Lovell will match it, to give them a 10 per cent deposit.

There are five developments across Manchester offering the ‘Bank and Build’ scheme on selected homes.

Elaine Taylor, regional sales manager for Lovell, said: “This is a fantastic scheme for first time buyers who may have been struggling to save for the full deposit.

“Whether you already have some savings, or haven’t started yet, we’ll help you reach your target quicker, and you could be in your dream home sooner than you think. Your mortgage is arranged in the usual way, subject to terms and conditions, and contracts will be exchanged on the condition that the ‘Bank and Build’ deposit payment plan is maintained.

“For example, if you buy a two-bedroom Lovell home for £120,000, you will be required to save £6,000 for a 5 per cent deposit. You could opt to save £860 a month over seven months. Once you have saved, we will gift you a further £6,000. It’s that simple.”