As a Guildford mortgage broker that has been in business for 17 years, we’ve seen the debate around buying a home with a small deposit unfold over almost two decades – and in many different guises.
We’ve also seen a number of government-backed initiatives designed to make low deposit home ownership more viable, too.
However, a new scheme called Deposit Unlock looks set to help provide the keys to a new home for many people who are unable to gather a large deposit (and, in 2023, that’s a large section of the UK population).
What is Deposit Unlock?
Deposit Unlock has been designed to help first time buyers and home movers purchase a property with just a 5% deposit.
This doesn’t apply to all properties, though. Deposit Unlock is only available for new build properties built by 32 UK developers. In fact, the entire initiative has been developed by the Home Builders Federation.
As the long running Help to Buy scheme comes to and end this year, Deposit Unlock is expected to be a worthy successor.
Do I qualify – and what happened to Help to Buy?
If you’re looking to buy a new build property in Surrey and have a 5% deposit, then you may qualify. Under Deposit Unlock, the maximum loan available to a borrower is £750,000 – however, how much you can actually borrow will depend on your financial and personal situation.
With regards to its predecessor, after almost a decade – during which time the scheme played a significant role in getting over 355,000 people on the property ladder – Help to Buy ended in October 2022.
Which housebuilders are involved in Deposit Unlock?
Barratt Homes |
Barratt London |
Bellway |
Bewley |
Bloor Homes |
City & Country Homes |
Countryside Properties |
Crest Nicholson |
Croudace Homes |
Davidson Group |
David Wilson Homes |
Devine Homes |
Edenstone Holdings |
Fairview |
Hayfield Homes |
Hill |
Keepmoat Homes |
Mandale Homes |
Miller Homes |
Morris Homes |
Nicholas King Homes |
Norfolk Homes |
Pat Munro |
Persimmon |
Prospect |
Redrow |
St Modwen Homes |
Stonebridge Homes |
Taylor Wimpey |
Thakeham |
Vistry |
Wheeldon |
I’m interested. What next?
As an award-winning mortgage broker in Guildford, we can not only help you leverage the benefits of Deposit Unlock, but we also have access to the lenders who are supporting the scheme.
If you’re hoping to get a 95% mortgage, then the good news is that it is achievable. You just need to get in touch to find out more.
Are you looking to get a first-time buyer mortgage? If so, contact our team of Guildford mortgage advisers on 01483 238280 or e-mail info@complete-mortgages.co.uk.
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