First time buyers feel the benefit of deals as deposits hit record high

Getting on to the housing ladder has always been tough. And a lack of mortgage lending and high deposit requirements are making it trickier than ever for young people especially to find a home.

More than two-thirds of potential first-time buyers now say they can’t raise the record average £28,770 needed to secure a property.

And although 77 per cent of young people would like to own their own home, only five per cent are managing to save for a deposit, with 84 per cent feeling like banks aren’t willing to lend to them.

Now Taylor Wimpey Yorkshire is helping purchasers in Bradford buck the trend by making their FirstBuy Scheme, which requires just a 5% deposit, available for a range of homes.

Homeseekers can use the initiative to reserve a stylish, contemporary property at their Crest Park, Crown Gardens and Fairview Green developments.

The scheme allows first-time buyers earning less than £60,000 per household to own 100 per cent of their house from day one, securing it with just a five per cent deposit and 75 per cent mortgage.

The remaining 20 per cent is made up of a loan, backed jointly by Taylor Wimpey Yorkshire and the Homes and Communities Agency (HCA).

As Anne Bagshawe, sales and marketing director for Taylor Wimpey Yorkshire, explains: “Funding is very hard to access at the moment, especially for first-time buyers who are struggling to save up the large deposits many lenders are asking for.

“FirstBuy is a great way to get things moving and start investing in a home for the future.

“It has already proved extremely popular at Crest Park, Fairview Green and Crown Gardens where there is a massive selection of wonderful two, three, four and five bedroom homes available.

“All three developments offer properties in beautiful surroundings but within easy reach of the vibrant West Yorkshire region.”

For further information, visit taylorwimpey.com.