May 23, 2008
Dunsany Developments Ltd has become the first developer in Northern Ireland to accept the innovative Exchange Bond across its new developments.
A financial guarantee that secures a property at exchange of contracts, the Exchange Bond takes the place of the traditional cash deposit allowing buyers to hold on to their money for longer.
Dunsany has already accepted the Exchange Bond as part of sales made at its Newtown Buildings development, set in the heart of Newtownards, Co Down. The modern, stylish apartments at Newtown Buildings feature fully fitted kitchens and high quality interiors, as well as electronic gates opening on to the landscaped gardens outside the development.
Raising the cash needed at exchange very often restricts people when purchasing a property, as Dunsany found with many potential buyers. The Exchange Bond which is issued and underwritten by the Exchange Insurance Company, offers a solution to this problem.
For property investors, whose main concern is that their money could be working for them elsewhere, the Exchange Bond is an attractive alternative to a cash deposit as it allows them to generate further interest from their funds between exchange and completion. For first-time buyers, the Exchange Bond allows them the financial flexibility to delay paying out money until the house is ready.
Robert Jebb, Director at Dunsany, says: “The Exchange Bond is a real solution to the financial sticking point that the cash deposit can create for certain buyers. Having recently introduced this new property-buying tool at Newtown Buildings we’ve already had quite a bit of interest.”
Frank Speight, ExCoâ€™s Joint CEO says: “We are delighted that forward thinking developers such as Dunsany Developments Ltd recognise the powerful buyer incentive of the Exchange Bond. The product is fast becoming the key to unlocking more sales in a competitive and challenging environment. We have no doubt that the Exchange Bond will prove equally popular with their buyers, adding extra value to the excellent service already offered by their sales team.”