Newcastle Building Society has announced it is to offer 95% LTV mortgages to buyers of new-build homes under a new mortgage indemnity scheme.
The ‘Deposit Unlock’ scheme has been developed with the Home Builders Federation and its members.
Initially available in the North East of England, the scheme has been designed to help more low-deposit borrowers secure a new-build home up to a value of £330,000, with a deposit of 5%. More information about the the society’s product rates is expected to be announced when the scheme launches in the next few weeks.
Newcastle Building Society suggested the scheme will provide low-deposit buyers with an alternative to both the recently launched government mortgage guarantee scheme and the Help to Buy scheme, which will end in 2023.
“Key to our purpose as a regional Building Society is to help more people get on and up the property ladder – especially those without access to the bank of mum and dad,” commented Newcastle Building Society customer director, Stuart Miller.
“Being the first lender to adopt the scheme means we’ll be providing new-build buyers with more options to access low-deposit mortgage products, and helping to address the pressing need for more homes to be built.”
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