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Taylor Wimpey launches mortgage guarantee scheme
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Taylor Wimpey has announced that it is launching a mortgage guarantee scheme, potentially offering 95% mortgages to first time buyers.

The Take5 deal, in conjunction with Melton Mowbray Building Society and Saffron Building Society, means that home buyers may only need a deposit of £5,750 to secure a two-bedroom home. The UK average deposit is £28,770.

The new mortgages have interest rates of between 5.49% and 5.99% fixed for two years, and are initially being offered on schemes in East Midlands, East Anglia and East London.

Taylor Wimpey’s launch comes as housing minister Grant Shapps chairs an emergency summit today (February 15) with industry experts on the first time buyer crisis.

Pete Redfern, the company’s chief executive said: “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.”

Source: Housebuilder

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Date Published: 15 February 2011

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