The scheme aims to kick start the housing market by enabling 100,000 buyers to get up to 95% LTV mortgages for new-build homes worth up to £500,000 in England.
Deals are backed by an indemnity guarantee funded by house builders and the government, which is designed to cover a limited amount of any future losses lenders suffer if they have to repossess the home and sell it for less than the mortgage.
The NewBuy ranges from NatWest and Nationwide have been confirmed and appear on all versions of Mortgage Brain, with Barclays products set to come in stream in due course.
Mark Lofthouse (pictured), CEO of Mortgage Brain, said: “Our filter will allow brokers to quickly and efficiently source mortgages that have been specifically created for first-time buyers looking to purchase new build properties and want to take advantage of the low deposit requirement.
“By being able to identify these new products, brokers now have a greater choice and certainty of being able to quickly and efficiently source mortgages which best meet their client’s individual needs.”
