The NewBuy scheme assists buyers who have a deposit of at least 5 per cent to buy a new build home. This is a smaller deposit than is normally required. The scheme will allow more borrowers to secure up to a 95 per cent Loan to Value mortgage on new build properties (houses and flats) from participating builders in England.
NewBuy was launched on Monday 12 March 2012. The initiative was developed jointly by the Home Builders Federation and Council of Mortgage Lenders. The Government is backing the scheme to help those home buyers who have found themselves excluded from sections of the market because they don’t have a large enough deposit.
NewBuy is expected to assist up to 100,000 households in buying a new home. Will you be eligable for help with this scheme – further information here.