Date: Tuesday 11 September 2012
Home buyers are paying £18,200 less on their deposit when purchasing a property with an average price of £182,000 through NewBuy, the Government-backed 95% mortgage scheme, according to Taylor Wimpey.
Kevin Belsham, national sales and marketing director for Taylor Wimpey, explains: “This is great news for home buyers. In comparison to the standard 15-20% deposit needed when buying on the open market, this represents an enormous reduction for first time buyers and home movers buying through NewBuy.”
NewBuy is accessible to all credit-worthy first time buyers and home movers across England, and is available on new build properties up to the value of £500,000. Through the Government-backed scheme purchasers can access 95% mortgages and only need pay a minimum deposit of 5% of the value of the property.
Kevin concludes: “NewBuy is proving to be an excellent purchasing tool for our customers with limited finances. It’s heartening to see when looking at the hard facts that home buyers could pay around £18,200 less on their deposit when purchasing with NewBuy. I’m sure the scheme is a huge relief to first time buyers who are daunted by the thought of saving for a large deposit, and likewise those looking to move up the property ladder but have limited equity in their existing house.”
Since its launch in March this year, the NewBuy scheme has enabled over 1,300 home buyers in England to afford a new home thanks to the reduced deposit required and access to a wide range of 95% mortgage products available. For further information on NewBuy and the homes available, please visit www.taylorwimpey.co.uk/newbuy or take a look at the NewBuy video below.