The substantial number of developers are together responsible for around 82 per cent of newly built units in the UK, and show Deposit Unlock’s “growing recognition and adoption by leaders of the house building community”.
The scheme was launched in 2021 in partnership with the Home Builders Federation, Gallagher Re and house builders in light of the Help to Buy scheme being wound up.
It is an insurance-led, low-deposit mortgage solution that makes 95 per cent loan to value (LTV) mortgages available to help buyers with five per cent deposits to buy a new build home.
Freddie Scarratt (pictured), UK head of mortgage risk at Deposit Unlock and head of UK mortgage at Gallagher Re, said: “Surpassing 75 signed-up house builders signifies the trust and confidence placed in Deposit Unlock and the industry’s continued eagerness to embrace innovative solutions. This milestone demonstrates the positive impact our initiative is having for both home buyers and house builders.
“Not only are we helping to unlock people’s home ownership dreams, but developers can seize new opportunities and attract new customers.”
He added: “The scheme’s relevance and importance will only become more pertinent in partnership with our top 10 lenders Nationwide Building Society, Accord Mortgages and Newcastle Building Society.
“We are also actively engaged and progressing with other industry-leading and innovative lenders, which is pivotal to the sustained growth of the scheme and making additional offerings available to borrowers.”
Andy Dean, head of new build at Nationwide Building Society, said: “Deposit Unlock is a great example of cross-industry collaboration delivering a really positive initiative for home buyers that we’re pleased to support.
“The impressive roll-out of the scheme to encompass the majority of house builders responsible for new build developments in the UK means it now has real nationwide reach. This is great news for our customers who can take advantage of the scheme across an ever-growing range of locations and property developments.”
