Taylor Wimpey's new initiative to help first time buyers.

Following on from our earlier blog about the New Homes Bonus Scheme announced by Housing Minister, Grant Shapps, a report in the Financial Times today confirms that Taylor Wimpey has become the latest developer to team up with mortgage lenders to offer a high loan-to-value mortgage to first-time buyers.

Shapps brought up the subject of lack of finance in the housing market at an industry summit which brought together mortgage lenders, housebuilders and other industry groups to explore ways to help first-time buyers back on to the property ladder in today's difficult lending conditions.  Areas under discussion included mortgage insurance, shared ownership and other produce innovation.

Taylor Wimpey has joined with two building societies - Saffron Building Society and Melton Mowbray Building Society- to offer first-time buyers a 95% loan-to-value mortgage on some of its developments in the East Midlands, East London and East Anglia.

The scheme provides buyers with the option of a two-year mortgage fixed at 5.49% from Melton Mowbray or 5.99% from Saffron Building Society.