Low-deposit mortgages available to buy a new home

First time buyers looking to buy a new home in Essex are being offered the opportunity to buy a two bedroom apartment at Saxton Park in Grays by putting down a deposit for as little as £7,025.

The low-deposit of just 5% of the £140,500 purchase price has been made possible thanks to a new initiative introduced by Weston Homes, the developer behind the project.

One of the world's largest banks, Santander, is currently offering new buyers a special deal with mortgages offered for up to 90% of the property value. This means first time buyers only need to cover the remaining 10%, but by putting down a deposit of just 5%, Weston Homes will provide the remaining 5% which is needed.

Launched in August 2011, Saxton Park is a unique collection of 95 high specification two bedroom apartments and two, three and four bedroom houses and coach houses on the site of Grays Athletic Football Club's old stadium.

Bob Weston, chairman and chief Executive of Weston Homes, comments: "At Weston Homes, we know how hard and stressful it can be for first time buyers who are looking for a new home, especially over the Christmas period, and that is why we are delighted to help the process by covering 5% of the deposit you need towards buying your first home. Saxton Park is the perfect development for first time buyers, offering high quality, good value homes in a leading Essex location."

The apartments feature featuring modern, open plan living, with many having ensuites to the master bedroom and balconies or terraces, allocated parking and telephone entry systems. The two, three and four bedroom houses offer substantial space, with many spread over three floors and each having private rear gardens, allocated parking for each property with some plots including garages.