With a deposit of only 5% of the purchase price you can purchase a new home
With a deposit of only 5% of the purchase price, you can purchase a new home (from selected house builders) taking part in NewBuy, you don't even need to be a First Time Buyer!
The new home must be:
- Your main residential home (not buy to let)
- Less than £500,000
- A new flat/apartment/house being sold for the first time
- From a NewBuy builder
- Owned by you!! You cannot combine this with other schemes, e.g. shared ownership
You must be:
- A UK Citizen
- Able to remain in the UK indefinitely (with the appropriate VISA)
- You do not have to be a first time buyer
What happens next?
Use an approved NewBuy mortgage lender, lending 95% of the purchase price.
You must use a new home builder/developer taking part in the scheme, this may be on selected plots.
Your application is subject to lenders/developers usual terms and conditions, assessments and affordability