Deposit Unlock Scheme

A new option to help first time buyers get onto the property market. 

What is Deposit Unlock?

The Deposit Unlock Scheme was launched in 2021 to help First Time Buyers onto the property ladder with a deposit as low as 5%. Lenders can be stricter on the amount they’re willing to lend when it comes to a new build to reduce the risk of the property devaluing. However the Deposit Unlock Scheme allows you to get around these strict rules with some help from the home builder

How does it work?

  • Why is the deposit so low? With a normal mortgage, the lender needs a higher deposit to protect themselves against a potential devaluation in the early years after purchasing. With the Deposit Unlock Scheme the house builders pay to insure the mortgages, allowing for this lower deposit from the buyers.
  • Who can use this scheme? If you’re a first time buyer or looking to buy a new build home (and aren’t a first time buyer), you may be eligible for this scheme.
  • What home can I buy? Deposit Unlock allows you to purchase a new build home from participating home builders. If you’re unsure which home builders offer this scheme, get in touch and we can help recommend some.
  • What deposit do I need? Depending on the home builder and lender, you may only need a deposit of 5%, compared to the average deposit of 15% or more. 

 

Whilst not all lenders offer the Deposit Unlock Scheme, at T&C our expert advises can help find a supporting lender.

happy couple in their kitchen

FAQ: Deposit Unlock Scheme

There are loads of benefits to taking part in the deposit unlock scheme; it makes buying your home much more affordable when it comes to your deposit, you can take advantage of this scheme even if you aren’t a first time buyer and you can buy your dream new build home!

No the deposit unlock scheme isn’t a government scheme, it’s a scheme run by home builders. 

No, the Deposit Unlock Scheme is for anyone wanting to buy a New Build Home if you plan on living there yourself.

This scheme is great but does come with a couple of restrictions. 

  • You can only buy a new build house 
  • The new build must be built with a participating home builder 
  • Not all lenders support the deposit unlock scheme, but get in touch with us at T&C and our team have lots of participating lenders we can recommend 

How does Town & Country Mortgage Services work?

At Town & Country Mortgage Services, we streamline the home-buying experience with our expert guidance, ensuring your journey is in professional hands.

As an award-winning, FCA-registered broker, our free mortgage and protection advice is designed to cater to both first-time buyers and experienced investors. Trust in Town & Country Mortgage Services for a comprehensive and hassle-free home-buying experience.

Michael Roberts
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I am more than happy to recommend Ben and his team to anyone seeking a mortgage, particularly first time buyers, as I felt Ben’s approach was not only consultative but also understanding of the stresses’ surrounding buying a first home.
Elisabeth O'Shea
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Lizzie was fantastic from start to finish!! So Professional, really helpful and super friendly!! She is knowledgable, explained everything in detail and offered me lots of options. Made a daunting task simple and straight, forward taking care of everything behind the scenes.
Sam Ali
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We would genuinely recommend Town & Country to anyone, the care, understanding and bespoke and tailored customer experience has been second to none. It's great to have an end-to-end trusted relationship and Town & Country is our trusted recommendation to anyone.

Free Initial Consultation

We'll discuss your current situation and property aspirations, and assess your borrowing potential to guide you towards suitable mortgage lenders.

Agreement in Principle (AIP)

An AIP is prepared, giving an estimate of your borrowing capacity. With an AIP, you can confidently search for properties within your budget and make offers.

Tailored Mortgage Advice

Once an offer is accepted, we provide specific lender and mortgage product recommendations. We handle all aspects of your mortgage application, ensuring a smooth process.

Michael Roberts
Read More
I am more than happy to recommend Ben and his team to anyone seeking a mortgage, particularly first time buyers, as I felt Ben’s approach was not only consultative but also understanding of the stresses’ surrounding buying a first home.
Elisabeth O'Shea
Read More
Lizzie was fantastic from start to finish!! So Professional, really helpful and super friendly!! She is knowledgable, explained everything in detail and offered me lots of options. Made a daunting task simple and straight, forward taking care of everything behind the scenes.
Sam Ali
Read More
We would genuinely recommend Town & Country to anyone, the care, understanding and bespoke and tailored customer experience has been second to none. It's great to have an end-to-end trusted relationship and Town & Country is our trusted recommendation to anyone.

Discover More in Our Expert Guide.

Start your home buying adventure with help form our First Time Buyers Guide. Tailored to assist you in buying your first dream home. 

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