If you're a UK citizen, you may qualify for a 95% mortgage under the government-backed NewBuy scheme.
What is NewBuy?
The NewBuy scheme is designed to help overcome the deposit gap for new home buyers.
NewBuy is a new government-backed scheme that aims to help home-buyers get a 95% mortgage on new build properties from participating builders in England.
How does NewBuy work?
The home builders will partner up with mortgage lenders (the banks and building societies) working in partnership with the Government, and the mortgage lenders will offer 90-95% loans on new build properties. This scheme is designed to protect the lenders if repossession were necessary. This is why they are prepared to make 90-95% mortgages available.
Which properties are eligible for NewBuy?
To qualify for NewBuy, properties must be:
- New build
- Priced up to £500,000
- Full ownership
- Primary homes
- This scheme applies to England only
To learn more about NewBuy, click here .
To discuss any of the above or if you have any specific queries, please do not hesitate to contact us on 0844 412 5857