100% first time buyer mortgage up for grabs at Diglis Water

First time buyers with no deposit who have given up hope of ever owning their own home should visit Taylor Wimpey Midlands 'First Time Buyer' event being held at the Diglis Water development in Worcester on Saturday 2nd April, where a new 100% mortgage offer is being unveiled.

The mortgage, provided by a local building society and arranged by the Mortgage Bureau, is available to those with parents who have equity in their own home. It has been designed to provide an effective way for parents to help their children who have good incomes but not enough deposit to buy their first home.

Instead of the usual deposit, part of the equity in the parent's home is used as a guarantee. The amount of equity required is approximately 34% of the price of the house being purchased and parents need to have confidence in the ability of their children to keep up with the monthly mortgage repayments.

Anne Wallace, regional sales and marketing director for Taylor Wimpey Midlands, said: "This new mortgage helps overcome the deposit issues that many first time buyers face and provides a route into home ownership. We speak to many parents who would love to help their children get onto the property ladder and this is one way they can do so without having to shell out thousands of pounds to cover a deposit.

"If they have enough equity in their own home and know that their children can meet the monthly mortgage repayments then it's an ideal way of giving their children a head start. If you're interested in finding out more come along to the event on the 2nd and speak to our team of experts who can talk you through the finer details of the scheme and assess whether it's a viable option for you."

Those taking advantage of the 100% mortgage*, which is available to first time buyers on houses only and is subject to terms and conditions, will pay a 4.89% discounted rate until 30th April 2013, reverting to the standard variable rate for the remainder of the 30 year term (which is currently 4.99%). For example, a house priced at £189,995 will equate to monthly payments of £1,012 and will require a minimum joint income of £50,000 and equity of £65,000.

Taylor Wimpey is committed to responsible lending. Each applicant will be carefully considered on an invidual basis against robust lending criteria. Buyers wishing to purchase a new Taylor Wimpey home using the scheme should seek independent financial advice from recommended IFAs who are familiar with the product and understand the requirements for all parties.

Diglis Water, which has won an NHBC Quality Award and a Seal of Excellence Award, is situated where the Birmingham and Worcester canal meets the River Severn and has breathed new life into Worcester's riverside. Currently available is a range of stunning one and two bedroom apartments, three bedroom penthouses and three and four bedroom townhouses.

Prices currently start from £139,995 for a one bedroom apartment, £184,995 for a three bedroom townhouse and from £459,995 for a three bedroom penthouse with stunning views over Worcester.

For further information and to view a fantastic virtual tour of the development, visit the marketing suite and show homes on Diglis Dock Road, which is easy to find off Diglis Road between 10am and 5.00pm daily.

See Also: Property News (6701), Taylor Wimpey (1852), Diglis Water (11), Worcester (17)