Builder Taylor Wimpey has achieved over 100 property sales under the Government-backed NewBuy scheme, despite it only being available from March 2012.
NewBuy, which is available on brand new properties up to the value of £500,000 throughout England, has been well received by both first and second time purchasers since its launch 11 weeks ago.
The scheme means credit-worthy first-time buyers may now only need to save a five per cent deposit before they can get on the property ladder. In addition, home movers with limited equity in their existing house will also benefit from the increase in availability of 95 per cent loan to value mortgages.
Janet Robinson, regional sales manager for Taylor Wimpey East Midlands said: “We’re delighted by our early success with the NewBuy scheme, which helps both first-time buyers and home movers who do not have access to a large deposit to get on or move up the property ladder.
“However, with some househunters thinking NewBuy is only available to first-time buyers we are working on raising awareness of the scheme to all househunters, so that as an industry, we deliver the tens of thousands of sales anticipated over the next three years. With more mortgage lenders now starting to offer products under NewBuy, we hope that competitive mortgage rates will build on the scheme’s early success.”
Taylor Wimpey is offering NewBuy at all of its new homes developments across the East Midlands region.
For further information, contact Taylor Wimpey on 0116 281 6470 or visit www.taylorwimpey.co.uk/newbuy to view the ‘Explaining the NewBuy Scheme’ video.