15 February 2011
Saffron Building Society announces new 95% LTV Mortgages to be offered through Taylor Wimpey
Saffron Building Society, the regional mutual serving East Anglia, today announces the launch of a lending partnership with house builders Taylor Wimpey, paving the way for 95% mortgages for First-Time buyers.
Saffron's 95% LTV mortgages have been made possible by Taylor Wimpey's exclusive mortgage guarantee scheme. Taylor Wimpey's 'Take5' deal is being offered initially in the East Anglia, East Midlands and East London areas.
The announcement comes on the day of the First Time Buyer industry summit, chaired by Housing Minister Grant Shapps. The summit brings together mortgage lenders, house builders and other industry leaders in search of a solution to the First-Time buyer crisis.
By funding the mortgages of Taylor Wimpey's First-Time buyers, it is Saffron's hope that more people in the East of England will be able to take their first steps on to the property ladder. The scheme means that buyers could now secure a two bedroom home with a deposit of just £5,750, compared with the current UK average of £28,770.*
John Eastgate, Saffron's Sales and Marketing Director said: "With rental prices and the cost of living rising, many prospective First-Time buyers are simply not able to save the substantial deposits required of many current mortgages. We know that there are many potential borrowers who are capable of supporting a mortgage but are 'frozen out' of the market by the large deposits required. As such, we are delighted to be supporting new borrowers in taking out a mortgage on a brand new Taylor Wimpey home.
"Affordability remains a core priority with every mortgage that we underwrite, particularly given the potential for rising interest rates. Our use of manual underwriting is particularly appropriate for the First-Time buyer market, and we look forward to supporting these new customers throughout the life of their loans with us. It is our view that the First-Time buyer crisis can be alleviated in part though common-sense lending and schemes such as this one from Taylor Wimpey".
* Halifax First Time Buyer Review (December 2010)
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