The Mortgage Talk broker helped Henna Rai become the first borrower to take out a NewBuy mortgage with Nationwide.
She completed on a two bedroom apartment in Peterborough Cambridgeshire, built by Bovis Homes.
Rai said: “I’m in a bit of a daze really. I was really shocked that we managed to get it all done so quickly. I still need to get my stuff moved in but I couldn’t be happier.
“I was done with renting and living with other people and felt it was time to do things on my own and stand on my own two feet. This is my first place and it really feels like a new chapter of my life. It’s great to be spending money on my own mortgage rather than someone else’s.”
Lisa Burns-Kent, head of new homes sales at Mortgage Talk, added: “We’re delighted to have arranged the first NewBuy completion in the UK. It demonstrates not only our commitment to the scheme but also our ability to help borrowers to complete their purchase quickly.
“We’ve already seen huge levels of interest from potential borrowers and this deal is the first of many more. We have no doubt that NewBuy will be successful; it is a very useful product and has the potential to open up homeownership to thousands of people.”
David Ritchie, chief executive of Bovis Homes, added: “At Bovis Homes we have been proactive in helping to develop low-deposit homebuying solutions with lenders and we were delighted to be able to contribute as NewBuy was developed.
“Higher deposits have undoubtedly hindered the market and this new 5% deposit requirement promises to give the market a major boost, especially as it is available to existing homeowners and first-time buyers alike.”
Brian Murphy, head of lending at MAB said in a blog for Mortgage Introducer that NewBuy was not a panacea for the entire mortgage market but it was a complementary product that sat well alongside other product offerings.
He said: “NewBuy needs more lenders to take advantage of the reduced risk to get involved and to offer competitively priced products if it’s to fulfil its potential.”
