A new deal is on offer for buyers looking to get a foot onto the property ladder in Middlesbrough and Thorntree Vale.
The offer, unveiled by Santander, formerly Abbey, means that house hunters can now apply for a 90 per cent mortgage for the first time in two years.
With Taylor Wimpey also offering to contribute an additional 5 per cent of the property's value on selected homes along with stamp duty and legal fees in some cases, this means that purchasers are only required to put down a 5 per cent deposit of their own.
The offer is available on selected two and three bedroom houses at Thorntree Vale, which currently start from £114,950. This means a deposit of only £5,748 is required.
It is also available on selected three bedroom homes at Taylor Wimpey's new Scholars' Rise development on Marton Road in Middlesbrough, which currently start from £149,950. This would mean a deposit of only £7,498 is required.
Debbie Whittingham, regional sales and marketing director for Taylor Wimpey in north Yorkshire, said: "¯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."
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