Rates start from 7.94% for a new build home mortgage with a deposit of only 5%
Specialist lender Bluestone Mortgages has become the first and only complex credit lender to offer a product under the Deposit Unlock scheme, where first-time buyers can apply for a 95% loan-to-value (LTV) new build mortgage.
Aspiring homebuyers can borrow up to a maximum loan of £600,000 over a 35-year term, with rates starting at 7.94%.
Deposit Unlock, a mortgage guarantee scheme created to help borrowers secure a new build home with a deposit of only 5%, applies specifically to new build houses and flats available through a range of participating scheme developers.
Bluestone said the new Deposit Unlock product range will not involve credit scoring and includes both standard and fee-free options, providing brokers with solutions that support customers with adverse credit, or those who are self-employed or contractors.
🔒 Introducing Deposit Unlock! Launching soon, our new scheme requires just a 5% deposit. Help more customers, take the first step toward their dream home with Bluestone Mortgages.https://t.co/yhH0iFPTpK pic.twitter.com/iaGWkEDHLu
— Bluestone Mortgages (@BluestoneMortg) January 9, 2024
“Following the end of the Help to Buy scheme in October 2022, combined with the cost-of-living crisis squeezing consumers’ finances, prospective homeowners are having to put their plans for homeownership on hold,” Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages, commented.
“As the first and only specialist lender in the market to offer Deposit Unlock to first-time buyers, we are empowering our customers to find new solutions to unlock their homeownership dreams. This partnership scheme reinforces our commitment to supporting disenfranchised customers with small deposits to make their first step on the property ladder, as well as helping housebuilders find customers for their property.”
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