Halifax has lent roughly 1475 mortgages against buyers’ purchases through NewBuy representing one in three of all applications and completions on the scheme.
Sice the scheme’s launch in March 2012, the slow start is gaining traction with over 1,500 buyers confirmed between March to December 2012.
Since NewBuy launched in March 2012, Halifax has partnered with building firms of all sizes to bring lower volume builders into the scheme.
Stephen Noakes, mortgage director, Halifax said: “Our commitment to NewBuy has been clear since the scheme launched. We are continuing to increase the number of builders we are working with. It is a testament to our commitment to put the purchase of a new-build home back within the grasp of both first time buyers and homemovers.”
Halifax recently reduced rates on its 2 year 90-95% LTV NewBuy mortgages, with rates now available from 4.99% with a £999 fee and 5.39 with no fee. Halifax also has a sven year mortgage for loans between 90-95% LTV at 4.99%
Halifax launched its NewBuy products in April 2012. Initially only available through branches and 50 mortgage Intermediaries, distribution has been extended to over 78 mortgage intermediaries.
ONS figures out today show construction on new housing by public corporations in January 2013 was down 28.7% year-on-year, while private sector work fell by 9.9% in the same period.
Andy Frankish, MAB’s New Homes Director, said: “Consumer interest in new build properties has almost doubled in the MAB network since the turn of the year. The fact that completed purchases through the NewBuy scheme rose by over 140% in the last quarter of 2012 also shows a real appetite for new residential properties, from both first- and second-time buyers.”
Ahead of the Budget on 20 March, MAB joined the CML in calling for Stamp Duty exemption for NewBuy purchasers and an extension of the government scheme to 2015.
According to the official NewBuy website, just six lenders offer mortgages for the scheme, including Woolwich, Aldermore, NatWest, Halifax, Nationwide and Santander.
