Affordability support for new build homes
Homeownership can feel out of reach for a large number of customers. With many fixed rate deals now sitting above 6%, borrowers and especially those with a low deposit, need even further support to purchase a new home. In order to improve affordability for these clients, alongside our standard New Build proposition we also support the First Homes and Deposit Unlock schemes.
Statistics provided by Gallagher Re, the scheme providers of Deposit Unlock, revealed that as of May 31st 2023 the largest cohort of buyers using the Deposit Unlock scheme were aged 26-30 years old, with the most completions, around 32%, occurring in the North East of England. Furthermore, the average house price for applications within the Deposit Unlock scheme was £308,000, with an average LTV of 94.5%.
We are dedicated to assisting your clients in achieving their goal of homeownership. In addition to providing the Deposit Unlock and First Homes schemes, we further strengthened our commitment by introducing the Shared Ownership proposal in England in December 2022. We have also expanded our eligibility criteria to include self-employed clients, ensuring they have access to these valuable schemes. Moreover, our New Build applications come with a 9-month offer validity period, allowing your clients ample time to secure their dream new build home.
Ready to make an application? You can find our latest product and criteria details below:
Contact us
Talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.
Vote for us at the Mortgage Introducer Awards!
The Mortgage Introducer Awards recognise and celebrate excellence and innovation in the mortgage industry.
The awards bring together industry professionals, lenders, brokers and service providers to acknowledge their outstanding contributions throughout the year.
We would be extremely grateful if you could show your support by nominating us for the following categories 'Secured Loan Lender of Year' and 'Later Life Lender of the Year'.
Remember, nominations will close on Friday 11th August, so make sure to submit your nominations before then.