The website will allow potential buyers to find new build properties near them that have exclusive mortgage deals with a five per cent deposit. Consumers can then compare new homes and 95 per cent LTV deals.
There is also a page for builders where they can find more information on the scheme and join. Pages for lenders and brokers outlining the benefits of the scheme and how it works are also available.
The scheme was launched in 2021, developed by the HBF and around 17 major housebuilders in partnership with reinsurance broker Gallagher Re.
Now the scheme has three lenders, Nationwide, Newcastle Building Society and Accord Mortgages. It also has over 40 HBF members covering the country.
David O’Leary, executive director at HBF, said: “The website marks another step forward in the evolution of Deposit Unlock. The scheme began with one lender and 17 home builders but has now extended across a range of mortgage lenders and more than 40 HBF members covering all parts of the country.
“Through Deposit Unlock builders are making a big investment in supporting prospective new build purchasers to access the sorts of mortgage deals that would otherwise not be available. This website will make the scheme more visible for homebuyers and for many will be the first step on the journey to home ownership”.
Steven Rance, managing partner at Gallagher Re added: “Deposit Unlock is increasingly filling the post Help to Buy vacuum with national support from builders and mortgage lenders of all shapes and sizes.
“This website will make it easier for homebuyers to find a new home and competitive mortgage deal.”
Deposit Unlock expected to ‘accelerate’
Speaking to this publication, Freddie Scarratt, director of mortgage credit solutions at Gallagher Re, said that the important thing for brokers was that Deposit Unlock was a “normal mortgage”.
He continued: “I think from a broker point of view the important thing is one, it’s a normal mortgage. Two, it’s available now nationally with major lenders. Three, it is available on houses and flats, that’s really important because there are no big lenders are doing flats at 95 per cent LTV on new build. Four, it is available for first-time buyers and everyone else with financial and non-financial incentives accepted.”
Scarratt added that it was planning to add new lenders to the scheme, with the aim to get around six lenders onto the scheme by the end of the year.
“We want to offer the scheme through banks and building societies, but also non-bank lenders as well and make sure that we hit a wide cross section of society,” he added.
He said that it was seeing an uplift in cases in January, as activity had been dimmed a bit by the mini Budget and then the Christmas period, and it expected that to “accelerate” further this year.
