While time is running out for first-time buyers to use the government-backed Help to Buy scheme, which is set to close on 31 March 2023, the Home Builders Federation is rolling out its own Deposit Unlock scheme through its member housebuilders. But what does this scheme involve?
Deposit Unlock has been devised in collaboration with lenders and the housebuilding industry. It enables first-time buyers and existing homeowners to purchase a new build home with a 5% deposit. It provides customers with competitively priced mortgage products and makes buying a new home more affordable.
The scheme is limited to new homes up to the price of £750,000, though mortgage lenders many impose their own cap on what they are prepared to offer.
The participating housebuilders are:
The participating lenders are:
- Nationwide Building Society
- Newcastle Building Society