At Last the Banks Lend Mortgages Against Smaller House Deposits!
By: Sky Communications International, on behalf of Higgins Homes
Date of Issue: 14th May 2012
NewBuy is a great initiative to help more people enter the property market or move around it.
Buyers of new build homes are at last able to get onto the property ladder with a deposit of as little as 5–10%, with the government-backed NewBuy Scheme, which was launched in March this year. Multi-award winning house builder, Higgins Homes, will be amongst the first of the renowned UK builders to join the scheme, helping new build home buyers overcome the deposit gap.
Mortgage lenders such as Barclays, Halifax, NatWest and Nationwide will provide a 90–95% loan-to-value mortgage on qualifying new build homes.
Jeremy Marcus, Sales & Marketing Director of Higgins Homes, comments: “NewBuy is a great initiative to help more people enter the property market or move around it. Over the past few years we have been bombarded with statistics about how difficult it can be to build up a sizeable deposit and secure a mortgage, so this scheme really does tackle the problems encountered by many homebuyers.
“We are also thrilled to be considered for the scheme. This association is opening up our doors to a much wider client base and conversely, providing house hunters with much more variety of choice. It really is great for the UK property industry.”
NewBuy is available in England on all the properties offered by approved house builders participating in the scheme, up to and including a sale price of £500,000. Applicants will need to meet the normal mortgage assessment criteria required by the participating lenders, as well as a number of other criteria.*
Once a buyer has found a qualifying home from a participating builder, they should speak to an independent financial advisor who should assess their mortgage requirements and advise on the most appropriate product for each individual. Alternatively, buyers can speak directly to a preferred lender participating in the scheme.
If eligible for the scheme, buyers should apply for the relevant mortgage, receive a confirmed offer and reserve their new home. They are then well on their way to becoming a proud home owner.
*The NewBuy criteria include the following:
- Available to UK citizens and those with a right to remain indefinitely in the country
- Covers full home ownership only and is not available for shared equity or shared ownership
- Available for the purchase of a primary home only, not second homes, buy-to-let or investment purchases
- Only applies to capital repayment mortgages, not interest-only mortgages
- Applicants must not be receiving help with the deposit from a local authority or public body
Higgins Homes will have a number of developments eligible within the NewBuy scheme, including The Old Hospital in Maidstone, Ludus in Saffron Walden, Royal Jersey Place in Redbridge and Morello Mews, Chelmsford.
For further information please contact Higgins Homes on telephone 020 8508 5555 or visit www.higginshomes.co.uk or https://www.newbuy.org.uk/.
Becca Dwyer or Julia Arnold
Sky Communications International
44 (0)1273 355 111
44 (0)7747 578 617
Higgins Homes is a multi award-winning developer active throughout Essex,London,Hertfordshire,KentandSussex. The company designs and constructs a wide range of residential properties, both new build and sensitive conversions.
The company recently celebrated winning six awards, including Best Apartment UK, at the Bloomberg and Google International Property Awards. It also received the title of Best New Starter Home at the ES New Homes Awards in 2011.
For further information please contact Higgins Homes on 020 8508 5555 or visit www.higginshomes.co.uk or https://www.newbuy.org.uk/.