First Time Buyers 95 mortgages available

Date: Friday 26 February 2010

First time buyers looking to get a foot on the property ladder can now secure a new house of their own with just a 5% deposit by combining a helping hand from Taylor Wimpey with a new mortgage offer announced by Santander (formerly Abbey).

Available only to first time buyers buying a new house, the newly increased maximum loan size from Santander means that househunters can now apply for a 90% mortgage for the first time in two years. With Taylor Wimpey also offering to contribute 5% of the property’s value on selected homes along with in some cases stamp duty and legal fees, this means that purchasers are only required to put down a 5% deposit of their own.

Kevin Belsham, national sales and marketing director, comments: ”It’s been particularly hard for first time buyers of late to find an affordable mortgage and save up the the required deposit. Combining the new mortgage deal from Santander with the incentives currently on offer from Taylor Wimpey will slice thousands of pounds off the savings pot that first time buyers need to get a loan.”

For a new Taylor Wimpey house costing £160,000, a first time buyer taking advantage of the combined package will now only need to contribute a deposit of £8,000 rather than £32,000.

For further information on this and other incentives available contact your nearest Taylor Wimpey development. For further information on Santander mortgages, visit www.santander.co.uk

Notes

Santander has increased the maximum loan size for first-time buyers of new houses from 80% to 90%, while the limit for thise buying new apartments will rise from 70 per cent of the property’s value to 80 per cent. The new loan-to-value (LTV) limits are available on two year tracker and five year fixed mortgage products. The bank’s LTV limits for non-first-time buyers of newly built property will remain at 70 per cent for apartments and 80 per cent for houses.