Deposit Unlock Scheme

Do you need help buying your new home?

Deposit Unlock is a scheme that enables you to buy a new build home with just a 5% deposit, and is available on a wide range of UK new build properties up to £833,250.*

It is the low deposit mortgage solution designed to give more people the opportunity to buy their own home.

Benefits of Deposit Unlock

• You only need a 5% deposit and a 95% mortgage.
• Available to both first-time buyers and home movers.
• There’s no upper limit on your household income.
• You benefit from an insurance-backed guarantee, allowing you to access competitive mortgages rates.
• The scheme is available now.
• Available on new build properties up to the price of £833,250* with no regional price cap restrictions.
• You own 100% of the property.
• Available with UK’s leading house builders.
*Subject to lenders’ participation on selected homes and developments. Rates and maximum purchase price vary via lender, based on Nationwide Building Society’s current guidelines from November 2021.

How Deposit Unlock works?

The Home Builders Federation and its members have joined together to create a house builder-owned insurance scheme, managed by Gallagher Re. This means that they offer mortgage lenders 35% protection on their mortgages, so that they can lend to customers at 95% on new build housing.
Usually, lenders take out insurance on mortgages that might carry a higher risk, such as first-time buyers with limited deposit. The insurance means that lenders can recoup some costs if the home is repossessed, however, this can be expensive for lenders. Deposit
Unlock overcomes this as house builders pay for the insurance, not lenders.
Customers only need to put down a 5% deposit and can purchase a property up to £833,250* with no restrictions on location, subject to lender’s approval.
Deposit Unlock is currently available with participating bank lenders including Nationwide Building Society, Accord Mortgages and Newcastle Building Society.**

**Correct as of 8 November 2022.