Homebuyers looking to invest in an off-plan property are being given time to save for their deposit with Durkan Estates'' Exchange Bond.

The bond allows would-be buyers to pay the deposit on a new home which is more than three months off completion, without having to release any capital or dip into their savings.

Durkan Estates is offering the Exchange Bond on a wide range of off-plan properties in and around London.

Dan Marsden, development director for Durkan Estates, said: "Buying off-plan has been seen as a good long-term investment and significantly cheaper than buying completed stock."

"Using an Exchange Bond, first-time buyers have time to save the money they need to pay the deposit and obtain a mortgage," he added.

The Exchange Insurance Company, which developed the Exchange Bond, guarantees the deposit on any off-plan property and will pay the developer regardless of whether the deal reaches completion.

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