NewBuy initiative rolled out in Spalding and Bourne

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NewBuy, the widely-anticipated Government and housebuilder-backed scheme aimed at increasing the availability of low deposit mortgages, is now being offered by Taylor Wimpey on homes in Bourne and Spalding.

The initiative, available on new properties up to the value of £500,000, means that credit-worthy first-time buyers may now only need to save a five per cent deposit before they can get on the property ladder.

Home movers with limited equity in their existing property will also benefit from the increase in availability of 95 per cent loan-to-value mortgages.

Carolyne Watkinson, regional sales manager for Taylor Wimpey, said: “We welcome the NewBuy scheme as we believe it will go a long way in helping a wide range of buyers who have had to put their dreams of getting on or moving up the property ladder on hold due to the size of deposits required by mortgage lenders.”

The NewBuy scheme is available through three mortgage lenders, all offering fixed rate deals.

Selected new homes are available under the NewBuy scheme at Taylor Wimpey developments in Oak Springs, Bourne (tel: 0845 6882060) and Pilgrims Chase, Spalding (0845 2398129).