Newbuy scheme sees the return of 95% mortgages

A new scheme aimed at making it easier for thousands of buyers in Portsmouth to purchase a new home is being launched by the Government in March. The NewBuy initiative will help both first time buyers and those looking to move home by enabling house hunters to access 95% mortgages on properties up to the value of £500,000.

The scheme is set to make it easier for credit-worthy purchasers in Portsmouth to secure affordable mortgages with only a 5% deposit.

The initiative is likely to go down well with buyers, many of whom see the size of deposit as the main barrier to purchasing a property. A recent survey by Taylor Wimpey revealed that 54% of first time buyers had abandoned plans to buy a house in the last 18 months because they couldn’t afford to save the large deposit required by mortgage lenders. 57% of those surveyed also said they thought the government should be doing more to help first time buyers.

Taylor Wimpey will be offering NewBuy on all of its five developments in the Portsmouth area. Sarah Pasco, regional sales and marketing director, comments: “Time and time again our buyers tell us that it is mortgage availability, not mortgage affordability, which is preventing them from buying. This scheme will help both those looking to get on the property ladder and those who want to move but have limited equity in their existing home, so it’s good news for the market as a whole.”

Taylor Wimpey is currently building a collection of new homes at its developments in Portsmouth ranging from one bedroom apartments to four bedroom homes, with prices starting from £90,000.

To be one of the first to find out more information on NewBuy when it is launched in March, register your interest at taylorwimpey.co.uk.