What is NewBuy?
NewBuy is a new government-backed scheme that could help you get a 95% mortgage! With just a 5% deposit required, you could make the next step on the property ladder or even move into your first home. Look out for NewBuy properties with the red sticker.
How does NewBuy work?
The home building industry and mortgage lenders (banks and building societies) are working with the government to provide UK citizens with 95% mortgages on new build properties. The scheme aims to protect lenders if repossession were necessary but doesn't not change the buyer's responsibility of mortgage repayments.
Do I qualify for NewBuy?
If you're a UK citizen and looking to move house or buy your first home, look for NewBuy properties on Rightmove now and take that next step.
Which properties are eligible for NewBuy?
NewBuy properties must be:
- New build
- Priced up to £500,000
- Full ownership
- Primary homes
- In England (The MI New Home scheme applies in Scotland)