First-time Buyers
Taylor Wimpey offers 95% loans for first-time buyers
Housebuilder Taylor Wimpey has launched an exclusive mortgage guarantee scheme in partnership with two mutuals, offering 95% LTV deals for first-time buyers.
The Take5 deal has been launched with Melton Mowbray Building Society and Saffron Building Society, and talks are ongoing with other lenders.
It offers two-year fixed rate mortgages with rates of between 5.49% and 5.99%.
The deals will initially be offered for Taylor Wimpey developments in three regions of the UK, including East London, East Anglia and the East Midlands.
Taylor Wimpey said the deal would enable buyers to secure a two-bedroom home with a deposit of £5,750, compared with the UK average of £28,770.
Pete Redfern, group chief executive at Taylor Wimpey, said: “We have been working hard to secure this mortgage deal, which we believe will make all the difference to those who aspire to own their own home but find it difficult to save for the large deposits needed.”
“Discussions are at an advanced stage with other lenders to support this initiative as part of a range of practical and workable solutions to get more first-time buyers moving,” he explained.
The news comes as Housing Minister Grant Shapps chairs an emergency summit in London with mortgage lenders, house builders and other industry leaders to find a solution to the first-time buyer crisis.