The lender confirmed at the end of last year that it would be joining the scheme, the first and only complex credit lender on the Deposit Unlock scheme.
First-time buyers can apply for a 95 per cent loan to value (LTV) new build mortgage up to a maximum loan of £600,000 over a 35-year term, with rates starting at 7.94 per cent.
The range does not involve credit scoring and has both standard and fee-free options.
The lender said that the range will offer brokers “solutions that support customers with adverse credit, or those who are self-employed or contractors”.
The scheme was launched in 2021 and is a mortgage guarantee scheme that allows borrowers to buy a new build home or flat from a participating home builder with a five per cent deposit with a mortgage from a participating lender.
Other lenders participating in the scheme include Accord Mortgages, Nationwide Building Society and Newcastle Building Society.
Bluestone: ‘The only specialist lender to offer Deposit Unlock to first-time buyers’
Reece Beddall (pictured), sales and marketing director, Bluestone Mortgages, said: “Following the end of the Help to Buy scheme in October 2022, combined with the cost of living crisis squeezing consumers’ finances, prospective homeowners are having to put their plans for homeownership on hold.
“As the first and only specialist lender in the market to offer Deposit Unlock to first time buyers, we are empowering our customers to find new solutions to unlock their homeownership dreams.
“This partnership scheme reinforces our commitment to supporting disenfranchised customers with small deposits to make their first step on the property ladder, as well as helping housebuilders find customers for their property.”
