"As the first lender to bring the scheme to market and roll out nationally, it means we’re also the first to respond to broker feedback"
First launched by Newcastle Building Society in June, Deposit Unlock gives low-deposit buyers more borrowing options by offering 95% LTV mortgages on new-build homes.
Deposit Unlock is backed by the Home Builders Federation and supported by selected national home builders.
After a successful regional pilot with selected developers, Newcastle led the national roll out of Deposit Unlock in September and a further expansion in the number of developers involved in the scheme is expected later this year.
The Society has increased the maximum purchase price from £330,000 to £600,000, reflecting the national scope of the scheme.
A two-year fixed rate has been reduced by 71bps to 2.79% and a five-year fix has been cut by 56bps to 3.19%.
Both products come with zero product fees to pay and the lender has introduced a free standard valuation for properties up to £500,000 and £500 cashback.
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Deposit Unlock is true innovation and gives low deposit buyers a great option on new builds. As the first lender to bring the scheme to market and roll out nationally, it means we’re also the first to respond to broker feedback, refining the proposition to make it an even more attractive option for customers and broaden access to the product range across the country.”
