The original Redrow Reassure deal included the following:
"If a customer comes to sell their Redrow Property [within three years] and gets less than they paid, we will refund the difference up to 10% of the purchase price paid..."
The current Reassure package has been modified - instead of the 10% refund, they are offering to "Pay up to £500 per month towards your mortgage for two years".
Hmm...
Assuming a typical new price of £200,000 what would a purchaser rather have - £12,000 cash towards your mortgage, or a worst-case refund of £20,000?
Have Redrow lost faith in their own product?
By-the-by, isn't this tantamount to mortgage fraud - if you add together £2,000 Stamp Duty + £12,000 towards mortgage + £10,000 for the 5% deposit + £750 towards legal fees, aren't they really selling you a £175,000 home dressed up as a £200,000 home?
Friday 16 May 2008
Re:assure from Redrow (2)
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1 comments:
Looking in estate agents here in Crewe and Nantwich the market seems to have seriously crashed in this neck of the woods, virtually every house has been reduced quite substantially.
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