"Through Deposit Unlock builders are making a big investment in supporting prospective new build purchasers to access the sorts of mortgage deals that would otherwise not be available."
- David O’Leary, Executive Director at the Home Builders Federation
Launched in 2021 to provide affordable, 95% mortgages for first-time buyers and home movers alike, Deposit Unlock enables homeowners to find new build properties available with low deposit mortgages.
Developed by major homebuilders and HBF, in partnership with reinsurance broker Gallagher Re, this initiative has the potential to support thousands of consumers in realising their dream of homeownership.
This new website will allow potential buyers to search new build properties near them that have exclusive mortgage deals with only a 5% deposit. Consequently, consumers will now be able to compare new homes and leading 95% mortgage products from around the UK and Northern Ireland, for apartments and homes in one place.
The HBF notes that this development comes at a crucial time considering that the end date for the Help to Buy scheme in England draws closer. The website is set to be completed ahead of HBF’s ‘New Homes Week’ which runs from 27th February to the 3rd March.
Commenting on the announcement, David O’Leary, Executive Director at the Home Builders Federation, has said:
“The website marks another step forward in the evolution of Deposit Unlock. The scheme began with one lender and 17 home builders but has now extended across a range of mortgage lenders and more than 40 HBF members covering all parts of the country.
“This website will make the scheme more visible for homebuyers and for many will be the first step on the journey to home ownership.”
Steven Rance, Gallagher Re managing partner, added:
“Deposit Unlock is increasingly filling the post Help to Buy vacuum with national support from builders and mortgage lenders of all shapes and sizes. This website will make it easier for homebuyers to find a new home and competitive mortgage deal.”
The Deposit Unlock website is now live and can be accessed here
