CHESTER home hunters will welcome Taylor Wimpey’s announcement of an exclusive mortgage guarantee scheme, paving the way for 95% mortgages for first time buyers.
The Take5 deal with Furness Building Society is being offered initially in selected regions of the UK including Chester.
It means that buyers could now secure a three bedroom home in Ellesmere Port with a deposit of £7,399 or a three bedroom home in Chester with a deposit of just £8,999, all compared with the UK average of £28,770.
The new mortgages currently have a variable interest rate of 5.44%.
Anthony Mansfield, sales and marketing director for Taylor Wimpey, 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.
“The 5% deposit required for a Take5 mortgage represents a genuinely affordable option for first time buyers, after many years of being frozen out of the market due to lenders requiring deposits of around 20%.”
The new 95% mortgage is being offered on selected plots at Mountain View in Wrexham, Regency Court in Chester and Tudor Grange in Overpool, Ellesmere Port.