A new incentive lets purchasers secure homes with a 5 per cent deposit at Taylor Wimpey's developments.

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  • Taylor Wimpey's Take5 deal, with Saffron Building Society, is being offered on a choice of new homes at Taylor Wimpey's The Boulevard, Cook's Shipyard, The Quarters and Blenheim Park developments in Colchester.

    Two bedroom homes are available with a deposit from £5,750, compared with the average of £28,770.

    The launch of the mortgage comes as the housing minister 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.

    Deputy prime minister Nick Clegg has said that first time buyers have been "frozen out" of the market by the lack of mortgages. The Council of Mortgage Lenders estimates that the average age of a first time buyer not receiving financial help from family is 36. This is largely due to the size of deposit now required by lenders which has trebled in the last 10 years.

    Michael O'Leary, regional sales and marketing director for Taylor Wimpey, said: "It's been particularly hard for buyers to find affordable mortgages, and saving up the required deposit for most products on the market can seem completely out of reach.

    "However, our new 95 per cent mortgage slices thousands of pounds off the initial sum buyers need to save to secure their home."

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advice from a qualified professional.

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