Save to Buy Now Available Across All Fairview's London Developments

Fairview New Homes’ innovative Save to Buy scheme is now available across all three of its London developments, following its launch at Park Quarter in New Barnet, completing the capital-wide offering alongside Printmakers Yard in Brentford and Southall Grove in Southall.

Available on selected homes, Save to Buy enables first-time buyers to build their deposit while already living in their new home, removing the financial pressure of trying to save while paying rent.

Fixed monthly payments are assessed using the area's average monthly rental value and the buyer's personal finances, with 100% of those payments contributing towards the buyer's final deposit. This means buyers don't spend a penny on rent during the saving period. Fairview also tops up the deposit by 5%, giving purchasers the opportunity to secure a more attractive 85% loan-to-value mortgage with lower interest rates, having built a 10% deposit.

The expansion of Save to Buy to Park Quarter means the scheme is now available at all of Fairview's developments in London, helping more first-time buyers overcome one of the biggest barriers to homeownership. 

Chris Hood, Sales and Marketing Director at Fairview, explains why the developer has expanded the scheme across all of its London developments:

"According to our recent survey, a deposit contribution or access to dedicated first-time buyer schemes are the two forms of support London first-time buyers say would make the biggest difference to helping them purchase a home within the next two years*.

"Over three quarters of our buyers over the past five years have been first-time buyers, so we understand the challenges they're facing. We've always looked for ways to support them, whether through covering stamp duty costs or providing deposit contributions, but today's London rental market is making it increasingly difficult for aspiring homeowners to save while they rent. By extending Save to Buy across all of our London developments, we're tackling that challenge head-on, enabling buyers to move straight into their brand-new home, avoid paying rent during the saving period, and build the deposit they need to secure their mortgage."

The numbers

To secure a mortgage using Save to Buy, buyers must lay down an initial minimum deposit of 1% and save a total deposit of 10% before officially completing. Fairview will contribute a further 5% through their Deposit Top Up incentive, to achieve the full 15% deposit required to secure the mortgage.

Save To Buy Success

Laura (31) and Sam (30), pictured above, were the first in London to benefit from Fairview's innovative Save To Buy scheme.

The couple purchased their two-bedroom apartment at Fairview's Dock28 development in Woolwich for £400,000, moving in with just a 1% initial deposit of £4,000. The couple saved the remainder of their 5% deposit over six months via fixed monthly payments, all while living in their new home. 

Laura, a Senior Brand & Digital Manager, said: "Buying our first home was a huge sense of relief. Getting onto the property ladder is such a major milestone, especially in London, and Save To Buy allowed us to achieve that much sooner than we ever expected.

"Our original plan was to save between £20,000 and £30,000 over a number of years," Laura explained. "Like so many renters, a huge proportion of our income was disappearing on rent every month, making it incredibly difficult to build our savings. We were constantly having to make sacrifices just to put money aside.

"We effectively lived rent-free for six months while our monthly payments went directly towards our deposit instead. In total we saved nearly £10,000, which made an enormous difference and meant we could complete much sooner. It's a no-brainer in my opinion."

FAQs

Who’s eligible for Save to Buy?

First-time buyers aged 18+, in full-time employment (for a minimum of three months) with minimum savings of 1% of the value of the property they wish to buy. You will need to be qualified by a third-party financial advisor to confirm affordability and credit score, and the property will have to be your only residence.

What deposit do I need in order to be eligible Save to Buy home?

You only need a 1% deposit to be eligible for the scheme.

How long can I use Save to Buy for?

The maximum term a buyer can use this scheme is two years, although Fairview expects most to complete their home purchase within six-18 months.

What type of property can I buy?

Fairview’s Save to Buy scheme is currently available on selected plots at Printmakers Yard, Southall Grove and Park Quarter, depending on availability.

When is the deadline to use this scheme?

There is currently no deadline and Save to Buy will run on an ongoing but not indefinite basis. Its suitability will be regularly assessed by Fairview. The scheme is only available on selected plots at Printmakers Yard, Southall Grove and Park Quarter.

Can I pay more in my fixed monthly deposit payments in order to complete the purchase quicker?

Absolutely. You can either pay the minimum fixed term or pay an increased amount agreed with Fairview if you’d like to complete sooner. There’s always ways Fairview can help to complete sooner.

What if my circumstances change?

You will be advised to speak to your sales advisor as all situations will be treated on an individual basis. If a buyer decides not to proceed with the property purchase after exchanging, the 1% deposit will be refunded, however monthly deposit payments made to date would not be returned.

How much of the property will I own once completed?

Once legally completed, you will own 100% of the property and Fairview will have no share.

What’s the catch?

There isn’t one! Fairview encourages people to register their interest and talk to a member of the team as soon as they can.

For more information on the Save To Buy scheme, visit the Save To Buy page.

How do I apply?

Register your interest below.