New investment offers 'property without a mortgage'

To be able to buy a property without a mortgage attached to it is a fantasy for most potential homeowners but a new development gives people wanting to live in Yorkshire the chance to do just that.

A development of one and two bedroom properties at Parkwood Court in Keighley, West Yorkshire from Colordarcy allows prospective buyers to use a 50/50 payment plan to pay a 50% deposit in monthly instalments and the rest through rental payments to the developer with no mortgage application required because the developer offers buyers a no questions asked developers loan.

The investment vehicle has already attracted lots of interest with over 80% of the development already sold. Prices at Parkwood Court start from £60,000 for a one bedroom and from £70,000 for a two bedroom property. The development is ahead of schedule for a completion date of December 2017.

Loxley McKenzie, Managing Director of Colordarcy.com said: “If we examine a one bedroom property at Parkwood Court with an asking price of £60,000. We would start off by spreading 50% of the total cost of the property over 24 months, with owners paying £1,250 per month.

“Then the beauty of this investment is that it comes with an assured 10% rental income for 5 years which will then cover the remaining 50% developer loan, by paying £6,000 per year in assured returns.

The entire property will be paid off within 5 years of completion. Basically this then creates a mortgage free income producing asset for life.”

The Parkwood Court development is located within the Aire Valley region, West Yorkshire and is only 12 miles from Bradford and less than 20 miles to Leeds.