Nationwide BS signs up to Deposit Unlock

Nationwide has become the first major lender to sign up to Deposit Unlock – the mortgage indemnity scheme which supports 95% Loan to Value (LTV) lending on new build properties.

Deposit Unlock is designed to help open up the new build market to more borrowers with a small deposit as – unlike Help to Buy - it is available to second steppers as well as first-time buyers. The Help to Buy equity loan scheme for first-time buyers comes to an end in March 2023.

The scheme is available through mortgage brokers on standard new build loans of between £25,000 and £750,000. Borrowers using Deposit Unlock will have access to Nationwide’s range of 95% LTV mortgages, currently starting from 2.89%, which they can use to buy a house or flat.

Deposit Unlock has been developed by Gallagher Re in partnership with the Home Builders Federation (HBF) and leading housebuilders, with the global reinsurance broker now administering and managing the insurance-backed scheme. The scheme will be available via the home builders that have worked with HBF on developing the product. It will initially be available on more than 1,000 new build sites across England, Scotland and Wales with the builders signed up to the …