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Deposit Unlock Scheme Introduced At English And Scottish Sites

Posted 15 September 2021 by Keith Osborne

Two housebuilders have announced their participation in a new scheme to help buyers use a 95% mortgage...

Crest Nicholson and Barratt Homes have expanded their range of buyer assistance schemes with the introduction of the Deposit Unlock scheme at developments in England and Scotland.

The new incentive, developed by the Home Builders Federation, offers homebuyers to get on or move up the housing ladder with just a 5% deposit and will give purchasers of new build homes the opportunity to access 95% loan-to-value mortgages with selected lenders. Newcastle Building Society are the first national lender to participate in the scheme. Under this scheme right now, home loan interest rates start at 3.50% for a two-year fixed rate mortgage.

With Deposit Unlock, home-hunters can buy a new build home costing up to £330,000, with a deposit of just £15,000. With most mortgage for new build homes requiring a minimum of 10% up front, the new scheme will be of great help to those keen to buy and help them get on and up the ladder sooner.

Tom Nicholson, chief operating officer at Crest Nicholson, commented: “The launch of the Deposit Unlock scheme with Newcastle Building Society is an exciting addition to the range of ways we can help our customers purchase their new home.

“Affordable and sustainable homes are in high demand, and the Deposit Unlock scheme forms part of our multi-channel approach, giving more customers ways to buy a Crest Nicholson home. Deposit Unlock will be available across all of Crest Nicholson’s developments.

“We are pleased to have collaborated with our peers in the homebuilding industry to develop this new low-deposit mortgage solution.

“Unlike the government-backed Help to Buy: Equity Loan, which is restricted to first-time buyers, the Deposit Unlock scheme is available to all buyers. The scheme also offers full homeownership which may be preferred by some customers to the shared equity model of Help to Buy: Equity Loan. With availability of 95% LTV [loan-to-value] mortgages being extremely limited, customers are required to save up large deposits. We’re committed to making home buying and ownership more accessible and helping customers buy and move sooner.”

Find out more about current Crest Nicholson developments.

Westburn GardensWestburn Gardens

Barratt Homes is rolling out the Deposit Unlock scheme at developments in the West and North of Scotland including The Scholars in Kilmarnock and Westburn Gardens in Aberdeen.

Douglas McLeod, regional managing director for Barratt Scotland, said: “We frequently offer deposit contributions, Part Exchange and other offers on homes across Scotland but we’re especially proud to launch Deposit Unlock which will allow us to support first-time buyers and existing homeowners at scale.

“With government-backed schemes like Help to Buy and the First Home Fund closed for further applications, Deposit Unlock will mean many buyers will be able to move onto or up the property ladder and realise the benefits of owning their own home.

“By significantly reducing the size of deposit needed to secure a new home, we’re hoping we can make it much more accessible and affordable for buyers to move into the home of their dreams.”

Find out more about Barratt Homes developments across Scotland.

Find out about current Barratt Homes developments across Great Britain.

 

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