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Taylor Wimpey introduces 95pc mortgage

Taylor Wimpey has struck a three-way deal with lenders to offer first-time buyers the chance to secure a 95 per cent mortgage.

The deal is only being offered in three UK regions, through Melton Mowbray and Saffron building societies, but talks are taking place to extend the scheme and bring in other lenders.

Up for grabs is a so-called Take5 deal offering two-year fixed rates of between 5.49 per cent and 5.99 per cent.

It means a two-bedroom home can be had with a £5,750 deposit, compared with the current £28,770 average UK deposit.

Taylor Wimpey chief executive Pete Redfern said: “We have been working hard to secure this mortgage deal which we believe will make all the difference to those who aspire to own their own home but find it difficult to save for the large deposits needed.

“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.”

The launch of the new mortgages came as housing minister Grant Shapps chaired an emergency summit in London with mortgage lenders, house builders and other industry leaders to find a solution to the first-time buyer crisis.

The Council of Mortgage Lenders estimates that the average age of a first time buyer not receiving financial help from family is 36.

The new 95 per cent mortgages are currently being offered by Taylor Wimpey on developments in East Midlands, East Anglia, and East London.

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