NewBuy – Buy a home with a 95% mortgage
Are you thinking of buying a new home, but struggling to save a large enough deposit required to secure a mortgage? If you’re a UK citizen then you may qualify for a mortgage under the government-backed NewBuy scheme.
NewBuy is a new initiative which aims to help home-buyers who may have found themselves unable to move up or step onto the housing ladder, secure up to a 95% Loan to Value mortgage on new build properties from participating builders in England.
Which properties are eligible for NewBuy?
To qualify for NewBuy, properties have to be:
Do I qualify for NewBuy?
Buyers have to be:
New home buyers wishing to take advantage of the scheme will need to qualify for a mortgage with a mortgage lender in the usual way and be subject to the lender’s normal assessment criteria.
Where can I find NewBuy property?
What is an indemnity and what does it mean for you?
The scheme will be operated by the home building industry and mortgage lenders – the banks and building societies – working in partnership with the Government. The scheme is designed to protect the lenders against losses in the unfortunate event of a repossession, which is why they are prepared to make 90-95% mortgages available. It is important to note that this does not change a borrower’s responsibility to repay the mortgage in any way.