"This partnership scheme reinforces our commitment to supporting disenfranchised customers with small deposits to make their first step on the property ladder"
- Reece Beddall, sales and marketing director at Bluestone
Bluestone Mortgages has launched a range of 95% LTV mortgages through the Deposit Unlock scheme to help first-time buyers who cannot secure finance through mainstream lenders to get onto the property ladder.
The mortgage guarantee scheme created to help borrowers secure a new-build home with a deposit of only 5%.
Via Bluestone, first-time buyers can secure a loan up to a maximum loan of £600,000 over a 35-year term, with rates starting at 7.94%. The scheme applies specifically to new build houses and flats available through a range of participating scheme developers.
The new Deposit Unlock product range, first announced last month, will not involve credit scoring and includes both standard and fee-free options. The range will provide brokers with solutions that support customers with adverse credit, or those who are self-employed or contractors.
Reece Beddall, sales and marketing director at Bluestone Mortgages, commented: “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.
"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.”