What is Deposit Unlock?
Deposit Unlock is a scheme that enables you to buy a new Peter Ward home with just a 5% deposit, and is available on a wide range of new build properties up to the value of £833,250.* It is the low deposit mortgage solution designed to give you the opportunity to buy your new Peter Ward home.
Benefits of Deposit Unlock
- You only need a 5% deposit and a 95% mortgage.
- Available to both first time buyers and home movers.
- Theres no upper limit on your household income.
- You benefit from an insurance-backed guarantee, allowing you to access competitive mortgage rates.
- Available on new build properties up to the price of £833,250*
- You own 100% of the property
*Subject to lenders’ participation on selected homes and developments. Rates and maximum purchase price vary via lender, based on Nationwide Building Society’s current guidelines from November 2021.
How Deposit Unlock works
The Home Builders Federation (HBF) and its members have joined together to create a house builder-owned insurance scheme, managed by Gallagher Re. this means that they offer mortgage lenders 35% protection on their mortgages, so that they can lend to customers at 95% on new build housing.
Usually, lenders take out insurance on mortgages that might carry a higher risk, such as first-time buyers with limited deposit. The insurance means that lenders can recoup some costs if the home is repossessed, however, this can be expensive for lenders. Deposit Unlock overcome this as house builders pay for the insurance not lenders.
Customers only need to put down a 5% deposit and can purchase a property up to £833,250* with no restrictions on location, subject to lender’s approval.
Deposit Unlock is currently available with participating bank lenders including Nationwide Building Society, Accord Mortgages and Newcastle Building Society.**
**Correct as of 8th November 2022.
How to buy your Peter Ward home with Deposit Unlock
Deposit Unlock is a straightforward process that makes home ownership more affordable.
- You view and reserve your chosen home.
- We will issue with a Loan Confirmation letter.
- You pass the letter to your mortgage advisor.
- Your lender records the unique ID and offers you a mortgage under Deposit Unlock.
- You fully own your new home.