Taylor Wimpey offers Deposit Match scheme for first-time buyers

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by Kay Murchie

Housebuilder Taylor Wimpey is offering first-time buyers an incentive by matching their deposit.

Taylor Wimpey will match the deposit put down by buyers, up to 10% of the property’s value, giving a prospective buyer access to a broader range of mortgages on offer.

Research shows that the average deposit required by first-time buyers is currently at an average of 25% and with one in five 18 to 24 year olds and an estimated 440,000 25 to 35 years olds unable to find a deposit to buy a home, the housebuilder hopes to provide them with a solution.

Karen Armstrong, regional sales and marketing director for Taylor Wimpey East Scotland, explains: “With the availability and affordability of mortgages being a major concern, this scheme goes a long way to addressing the problems facing first-time buyers who’re trying to get onto the property ladder.”

“Buyers have the opportunity to boost the funds they already have access to with an interest free loan, which increases the number of mortgage deals available to them, and reduces their monthly repayments,“ adds Ms Armstrong.

“A typical example is a buyer purchasing a stylish two bedroom mid terrace Brodick at our Wester Meadow development in Dalkeith who would pay just £137,700 now instead of £153,000, and they would own 100% of the property, making a saving of £15,300 now which is repayable over ten years in the form of an interest-free loan.”

The Deposit Match scheme is available at selected developments on a range of two and three bedroom homes throughout the east of Scotland.

As well as the Deposit Match scheme, Taylor Wimpey has other schemes available aimed at helping first-time buyers onto the property ladder including stamp duty and legal fees paid.

Anyone interested or wanting more information can visit www.taylorwimpey.com.