Buy a new home in Colchester without a deposit

A new 100% mortgage for first time buyers is now available for those seeking to buy a new home in Colchester at Linden Homes' Northfields development in the town.

The 100% mortgage is available to buyers of the two, three and four bedroom homes priced under £250,000 at Northfields, with a parent or grandparent guaranteeing 25% of the value against an existing owned property. Prices currently start at £172,500 for a two bedroom terraced house.

First time buyers then pay a competitive interest rate of just 4.99% on their monthly repayments which are based on the full price of the new build property. The guarantee runs for ten years and can be repaid or transferred to another property during this time.

Gareth Jacob of Linden Homes says: "First time buyers are increasingly turning to the ‘bank of mum and dad' as they struggle to raise the necessary deposit to get on the ladder. Our new 100% mortgage available at Northfields helps to ease the burden and is just one of a wide range of innovative new products designed to help buyers purchase a brand new Linden home."

A new 95% mortgage is also now available to those buying new home at Northfields, with only a 5% deposit needed and an interest rate of 4.99%.