Whether you’re a mover or a first time buyer, your dream new-build property is now within easy reach. The NewBuy scheme, run in conjunction with HM Government, allows those with a 5% deposit to buy their perfect home.
NewBuy is a government backed scheme designed to help buyers with limited deposits. In recent years many lenders have been reluctant to offer high loan to value mortgages, this has prevented many people from buying their first home or moving up the property ladder. The NewBuy scheme allows individuals to purchase eligible new build properties* with a 95% mortgage, meaning that buyers need to raise only 5% of the purchase price for a deposit.
The NewBuy scheme is open to anyone who wishes to purchase a new build property with a 95% mortgage. First time buyers, as well as movers are able to apply and there are no financial restrictions apart from the usual credit and affordability checks that are applicable for any mortgage application.
Numerous developers across the UK are supporting the Government’s NewBuy scheme. All types of new build properties are included and the scheme is open to anyone who wishes to purchase a property priced at £500,000 or less. Use our new build property search tool in the right hand column to see new build properties in your area – look out for ‘NewBuy’ in the property description.
Countrywide are the estate agent of choice for NewBuy applicants. Not only can we give you the low down on the scheme and arrange viewings of participating developments in your area, we can also organise all the associated surveying, conveyancing and financial services you will need.
*The Government scheme requires the developer to make an insurance contribution to ensure the lender will be protected should the buyer default on the mortgage, for this reason NewBuy is available exclusively on new build properties only and only certain lenders and developers are participating in the scheme.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Eligibility criteria applies to all NewBuy applications. Mortgage Loans are subject to lenders criteria and applicant status. Maximum property purchase price under NewBuy scheme is £500,000. Purchaser must be owner occupier. Not to be used with shared equity products.
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