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Tuesday, February 7, 2023
With just 8 weeks to go until the end of the Help To Buy Equity Loan Scheme, we take a look at some of the other schemes available to First Time Buyers.
Today’s pick is ‘Deposit Unlock’ which is a brand new scheme devised in collaboration with lenders and the home building industry and allows you to buy a new build property with just a 5% deposit and the house builder pays to insure the mortgage instead, helping to make buying a new home more affordable.
Key features of the Deposit Unlock Scheme:
- Available on New Build properties, with a participating house builder.
- Available to first time buyers AND existing homeowners.
- Available for both flats and houses.
- Participating lenders – Nationwide, Newcastle Building Society and Accord.
- Maximum 95% Loan to Value (LTV) mortgage backed by an insurance policy taken out by the house builder protecting the lender up to 60% LTV.
- Maximum loan amount currently £750,000. Varies depending on lender and circumstance.
If you have any queries regarding the Help To Buy Equity Loan Scheme, or other schemes available to First Time Buyers, please do not hesitate to contact the residential conveyancing team at Samuel Phillips Law on 0191 255 0255 or email conveyancing@samuelphillips.co.uk.
Written by Caitlin Armstrong, Conveyancer
Caitlin Armstrong is a Conveyancer in the Residential Property team at Samuel Phillips Law.
