"Being the first lender to adopt the scheme means we’ll be providing new-build buyers with more options to access low-deposit mortgage products"
Initially available in the North East of England, the Deposit Unlock scheme is designed to help more low-deposit borrowers secure a new build home up to a value of £330,000 with a deposit of just 5%.
More information about Newcastle Building Society’s Deposit Unlock product rates will be announced when the scheme launches in the next few weeks.
The scheme will provide low-deposit buyers with an alternative to both the recently launched government mortgage guarantee scheme and the Help to Buy scheme, which will end in 2023.
Stuart Miller, customer director at Newcastle Building Society, said: “Key to our purpose as a regional building society is to help more people get on and up the property ladder – especially those without access to the bank of mum and dad.
“Being the first lender to adopt the scheme means we’ll be providing new-build buyers with more options to access low-deposit mortgage products, and helping to address the pressing need for more homes to be built.”