New help for new home buyers

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A new scheme aimed at making it easier for thousands of property-seekers in the East Midlands to purchase a new home has been launched by the Government this month.

The NewBuy initiative will help both first-time buyers and those looking to move home by enabling house-hunters to access 95 per cent mortgages on selected properties up to the value of £500,000.

The scheme is set to make it easier for credit-worthy purchasers to secure affordable mortgages with only a five per cent deposit – and it will be available at Taylor Wimpey developments across the region.

The initiative is likely to go down well with buyers, many of whom see the size of deposit as the main barrier to purchasing a property.

A recent survey by Taylor Wimpey revealed that 54 per cent of first-time buyers had abandoned plans to buy a house in the last 18 months because they couldn’t afford to save the large deposit required by mortgage lenders. Meanwhile, 57 per cent of those surveyed by the leading housebuilder also said they thought the Government should be doing more to help first-time buyers.

Carolyne Watkinson, regional sales manager for Taylor Wimpey, says: “This scheme will help both those looking to get on the property ladder and those who want to move but have limited equity in their existing home – so it’s good news for the market as a whole.”

The NewBuy scheme will be available with selected properties at the following Taylor Wimpey developments from Monday 12th March.

l Chaworth Gardens, Ravenshead Tel: 0845 672 3949

l Kings Acre, Clipstone Tel: 0845 072 9756

l Rufford Grange, Rainworth Tel: 0845 072 6227