The brand-new Deposit Unlock scheme is now available, and whether you’re a first-time buyer or an existing homeowner you could buy selected new homes with only a small deposit.
What is Deposit Unlock?
This is a brand-new scheme devised in collaboration with lenders and the housebuilding industry. The scheme enables first time buyers and existing homeowners to purchase a new-build home with just a 5% deposit*.
The scheme can be used to buy a new build house or flat on around 1,000 sites across England, Scotland and Wales from housebuilders such as Bellway, Linden Homes and Barratt. It is expected that more new build sites will be added in the future.
Which Lenders are Taking Part?
Nationwide Building Society has become the largest lender to sign up to this 95% LTV lending scheme. The lender joins Newcastle Building Society, which has already joined the initiative. Nationwide will offer mortgages on new-build properties for both first-time buyers and second steppers up to the value of £750,000.
Nationwide Building Society director of mortgages Henry Jordan says: “The need for more new homes has never been more apparent and we are keen to support the Deposit Unlock scheme – giving those with smaller deposits further hope that they can get a home of their own. The scheme will be a long-term alternative to the Help to Buy Equity Loan scheme, which is due to end in around 18 months’ time.
Speak to us to learn about the options available
With a myriad of competitive mortgage products coming to the market, many now available below 1% this is likely to be one of the best times to purchase property.
If you’d like to discuss how we can support you, call our senior broker, Danny O’Keeffe on 0208 364 3444 or click the schedule a call back button below to book a time slot.