Date: Friday 09 March 2012
NewBuy, the widely anticipated government and housebuilder-backed scheme aimed at increasing the availability of low deposit mortgages, is now being offered by Taylor Wimpey on homes across England.
The initiative, available on brand new properties up to the value of £500,000, means that credit-worthy first time buyers may now only need to save a 5% deposit before they can get on the property ladder. Home movers with limited equity in their existing home will also benefit from the increase in availability of 95% loan to value mortgages.
Pete Redfern, Taylor Wimpey Chief Executive, comments: “We welcome the NewBuy scheme as we believe it will go a long way in helping a wide range of buyers who have had to put their dreams of getting on or moving up the property ladder on hold due to the size of deposits required by mortgage lenders.
“Availability of affordable mortgages is so often cited by our customers as their main barrier to purchase. Increasing the number of 95% mortgages being offered by lenders should have a significant positive impact on the market.”
For further information on the NewBuy initiative, visit www.taylorwimpey.co.uk/newbuy