What happens after Help to Buy?

• • Deposit Unlock is a new house builder-owned scheme allowing customers to purchase new build properties with only a 5% deposit.
  • After a successful pilot scheme with Newcastle Building Society in June 2021, Deposit Unlock is available now with NBS, Nationwide and Accord.
  • More builders and lenders are set to join Deposit Unlock soon.

What is Deposit Unlock?

• • Put together by the 17 founding house builders, Deposit Unlock is an insurance-backed product enabling a regular 5% deposit mortgage at great rates for new-build homes.
  • The scheme allows 90.01% – 95% LTV loans with reduced risk to lenders, funded by house builders.

Who can use Deposit Unlock?

• • Any potential customer who meets the signed-up lenders’ affordability requirement with a 5% deposit.
  • The scheme is available to first time buyers and second steppers.

What’s our process for Deposit Unlock?

• • Each developer will have their own simple process, however, all Deposit Unlock properties will need a Developer Unique ID produced for the Loan Confirmation Letter.

Which lenders are a part of Deposit Unlock?

• • Nationwide Building Society
  • Newcastle Building Society
  • Accord Mortgages
  • With many more to be announced. A range of banks and building societies are in the process of joining Deposit Unlock with others exploring the possibilities of how Deposit Unlock could most certainly work for them.

Can we rely on Deposit Unlock?

• • Yes, it’s owned by the house builders and is here for the long term.
  • In a recent report produced by Savills’, Deposit Unlock is predicted to be at the forefront of products utilised once Help to Buy’s buying window ends in summer 2022.

What’s the customer’s journey with Deposit Unlock?

• • The buyer’s process remains as is, apart from only one change, which is that a Loan Confirmation Letter will need to be issued for the plot for the broker.

Any other questions?

• • Please contact your internal Deposit Unlock representative for Approved Mortgage Solutions on the email below.