What Is Deposit Unlock?

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 May 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.

At 1 May 2023, the participating housebuilders are:

• Anderson Group
• Ashberry Homes
• Baker Estates
• Barratt Developments (Barratt Homes, David Wilson Homes, Barratt London)
• Bellway/Bellway London
• Bewley Homes
• Bloor Homes
• Bovis Homes
• Cala Homes
• City & Country
• Countryside Properties
• Crest Nicholson
• Croudace
• Davidsons Homes
• Devine Homes
• Edenstone Homes
• Fairview New Homes
• Gleeson Homes
• Hayfield
• Hill
• ilke Homes
• Keepmoat Homes
• Linden Homes
• Mandale Homes
• MCI
• Miller Homes
• Morris Homes
• Morrish Homes
• Nicholas King Homes
• Norfolk Homes
• Pat Monro Homes
• Persimmon
• Prospect Homes
• St Modwen Homes
• Stonebond
• Stonebridge
• Redrow
• Taylor Wimpey
• Thakeham
• Vistry Group (see Bovis Homes and Linden Homes) above
• Weston Homes
• Wheeldon Homes

The participating lenders are:

• Accord Mortgages
• Nationwide Building Society
• Newcastle Building Society