Saffron Building Society has teamed up with house builders Taylor Wimpey, to offer 95% mortgages for first-time buyers.

The products sew being realised by Taylor Wimpey’s exclusive mortgage guarantee scheme. Taylor Wimpey’s ‘Take5’ deal is being offered initially in the East Anglia, East Midlands and East London areas.

The scheme means that buyers in the East of England could now secure a two bedroom home with a deposit of just £5,750, compared with the current UK average of £28,770.

John Eastgate, Saffron’s sales and marketing director said: “With rental prices and the cost of living rising