Offering 5% deposit to help more buy their dream homePosted on October 16, 2023 | News
HELPING more people to get on or move up the housing ladder can only be a good thing, and Russell Armer Homes is delighted to have signed up to a brilliant scheme which requires just a 5% deposit from homebuyers.
Deposit Unlock is a low deposit mortgage solution which has been introduced to give more people the opportunity to buy a new build home with a below market 5% deposit.
By signing up to the initiative, Russell Armer Homes is making its homes more readily available to first time buyers and those looking to move into their second home.
The Deposit Unlock scheme has been created by The Home Builders Federation and its members, and is managed by reinsurance company Gallagher Re. It is backed by insurance paid for by housebuilders like ourselves, meaning that there is reduced risk
exposure to lenders when offering a 95% mortgage.
More housebuilders are getting involved across the UK, and the list of lenders which have signed up to the initiative is also set to increase with the household names of Nationwide Building Society, Accord Mortgages and Newcastle Building Society the first
The main benefits of Deposit Unlock are:
● Purchasers only need a 5% deposit;
● It is available to first time buyers and ‘second steppers’;
● There’s no upper limit on the buyers’ household income;
● Buyers benefit from an insurance-backed guarantee, allowing them to access
competitive mortgage rates;
● It is available now;
● It is available on all new build homes and flats up to the price of £833,250;
● Purchasers will own 100% of the property.
Browse the Russell Armer Homes website to see which home you could own with the help of the Deposit Unlock scheme by visiting www.russell-armer.co.uk/developments/.
Find out more about Deposit Unlock by visiting www.hbf.co.uk/deposit-unlock/.