Award winning house builder Crest Nicholson has today announced that it will offer Deposit Unlock at its developments, a new low deposit mortgage solution developed by the Home Building Industry as an alternative to the current government Help to Buy: Equity Loan scheme. Deposit Unlock allows customers to access 95% loan-to-value mortgages, making home ownership accessible to more potential buyers.
The new incentive offers homebuyers to get on or move up the housing ladder with just a 5% deposit and will give purchasers of new build homes the opportunity to access 95% loan-to-value mortgages with selected lenders. Newcastle Building Society are the first national lender to participate in the scheme. With Deposit Unlock, home hunters can buy a new-build home costing £300,000, with a deposit of just £15,000. With most mortgage for New Build homes requiring a minimum of 10% up front, the new scheme will be of great help to those keen to buy and help them get on and up the ladder sooner.
Tom Nicholson, Chief Operating Officer at Crest Nicholson, commented: “The launch of the Deposit Unlock scheme with Newcastle Building Society is an exciting addition to the range of ways we can help our customers purchase their new home.
Affordable and sustainable homes are in high demand, and the Deposit Unlock scheme forms part of our multi-channel approach, giving more customers ways to buy a Crest Nicholson home. Deposit Unlock will be available across all of Crest Nicholson’s developments.
We are pleased to have collaborated with our peers in the home building industry to develop this new low deposit mortgage solution.
Unlike the Government-backed Help to Buy: Equity Loan, which is restricted to first time buyers, the Deposit Unlock scheme is available to all buyers. The scheme also offers full home ownership which may be preferred by some customers to the shared equity model of Help to Buy: Equity Loan.
With availability of 95% LTV mortgages being extremely limited, customers are required to save up large deposits. We’re committed to making home buying and ownership more accessible and helping customers buy and move sooner.”
To find out more about Deposit Unlock with Crest Nicholson please visit: Crest Nicholson | Ways we can help you move
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