The house builder’s banks agreed the new £950m credit facility, conditional on the firm securing £350m of debt funding and renegotiating several bond arrangements.

Following the pivotal deal, group finance director Chris Rickard is leaving the firm and will be replaced by Ryan Mangold, who joined Taylor Wimpey as group financial controller in April 2009.

The revised credit facility has put the house builder on a much firmer footing lifting previous restrictions on buying land.

In a trading update, Taylor Wimpey warned lack of mortgages for many borrowers was continuing to squeeze the  housing market, but it predicted full-year pretax profit would be at the upper end of its expectations.

Improved trading and profitability has helped the group reduce net debt from around £860m last year to £720m.

Peter Redfern, group chief executive, said: “The significant progress we have made on refinancing the group gives us greater operational flexibility and puts us in a strong position as we look forward to 2011.”

He added: “In the UK, we anticipate that trading will continue to be subdued for the remainder of this year due to the continuing impact of constrained mortgage lending and ongoing wider economic uncertainty.

“We expect to enter 2011 with a solid order book and we remain focused on our strategy of maximising margins and returns rather than looking to accelerate volume growth.”

He said that selling prices had been stable in the second half of the year and did not reflect falling prices highlighted in recent Halifax and Nationwide housing surveys.

Redfern added Taylor Wimpey was seeing attractive opportunities to buy land and it had committed to develop 378 homes at eight residential sites in the south east.