Deposit Unlock
What is the Deposit Unlock scheme?
Deposit Unlock: Overview
Developed by the Home Builders Federation (the body which represents housing developers) along with reinsurance firm Gallagher Re, Deposit Unlock allows eligible buyers to purchase a new build home with a 5% deposit.
In order to protect themselves from the devaluation of brand new properties, mortgage lenders are often stricter on the amount they are willing to lend on new build homes, often setting minimum required deposits of 15-25%. However, with the new Deposit Unlock scheme, buyers are able to put down a 5% deposit with the house builder paying to insure the mortgage instead, with an aim to make lenders more comfortable about offering high Loan-to-Value (LTV) mortgages on new homes.
The maximum loan you can currently take out to buy a property through this scheme is £750,000, although this can vary from lender to lender and will depend on your financial circumstances.
Deposit Unlock: Participating Builders & Lenders
As part of Deposit Unlock’s eligibility criteria, you can only buy from participating home builders and mortgage lenders. As of November 2022, participating deposit unlock mortgage lenders are Nationwide Building Society, Newcastle Building Society and Accord Mortgages.
Correct as of June 2023, the various participating home builders are outlined below:
| Anderson Design & Build | Campion Homes Limited | Hill | Wheeldon Brothers |
| Anderson O&U | City & Country Homes | Ilke Homes | Pentland Homes Limited |
| Ashberry Homes | Countryside Properties | Keepmoat Homes | Persimmon |
| Ashwood Homes | Crest Nicholson | Kitewood Estates Limited | Prospect Homes |
| Baker Estates Limited | Croudace Homes | Linden Homes | Redrow |
| Barratt Homes | Davidson Group | Mandale Homes | St Modwen Homes |
| Barratt London | David Wilson Homes | MCI | Stonebond Group |
| Beal Developments Limited | Devine Homes | Miller Homes | Stonebridge Homes |
| Bellway Homes | Edenstone | MJ Gleeson PLC | Taylor Wimpey |
| Bellway London | Holdings | Morris Homes | Thakeham |
| Bewley | Edwards Homes | Morrish Homes | Thomas Homes |
| Bloor Homes | Fairview | Nicholas King Homes | Vistry Group |
| Bovis Homes | Fortitudo Limited | Norfolk Homes | Weston Homes PLC |
| Braidwater Limited | Gleeson Build & Develop Limited | Pat Munro Homes | Wheeldon Brothers |
| CALA Homes Limited | Hayfield Homes | Pearce Fine Homes |
Deposit Unlock: Eligibility
To be eligible for Deposit Unlock, you must meet certain criteria:
- You must be buying a new build property.
- The loan you require must not exceed £750,000.
- You can only buy a home from participating house builders and lenders (see above).
- You must not already own another home at the time of completion.
To find out more about other home-buying and rental options, visit our article index, or check out our helpful FAQs and guides. Alternatively, you can start your search for a new home on Share to Buy’s property portal today!