New Build needs innovative solutions
By Newcastle Building Society
As a Building Society, we are committed to supporting our communities and helping customers achieve their dream of homeownership. We recognise that this can feel out of reach to a large number of customers. We therefore spend a lot of time, thought and effort in designing innovative New Build solutions that can help with borrower’s affordability and their next step on the housing ladder.
It’s why we partnered with the Home Builders Federation and Gallagher Re to offer the Deposit Unlock scheme as well as becoming one of the first lenders to support the Government’s First Homes scheme.
Deposit Unlock is an innovative mortgage indemnity scheme, designed to give low-deposit buyers more borrowing options when it comes to New Build homes and fill the gap left by the removal of Help to Buy.
The scheme supports customers making their first or next step onto the housing ladder, allowing them to purchase a New Build home up to the value of £600,000 with a deposit of just 5%!
First Homes is a new Government-led scheme available in England to support first time buyers and key workers onto the property ladder by offering homes at a 30% discount against the property’s market value. The discount will remain with the property to support future generations of first time buyers in the community.
Our standard New Build proposition is available nationally and offers a maximum LTV of 90% for New Build houses and 80% for New Build flats. All offers are valid for 9 months and we also accept builders’ cash incentives up to a maximum of 5% of the purchase price and unlimited non cash incentives.
With a soft footprint at Decision in Principle stage, we have a dedicated New Build team to process all our New Build applications, with application to offer time of 13 days (as of 17th June 2022).
Ready to make an application? You can find our latest criteria details on our website.
If you want to know how we can help your clients to achieve their dream of home ownership, please contact your Business Development Manager (BDM) to find out further information. You can find your local BDM here.
For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.