Looking for more information on the Government backed NewBuy scheme? We have all the facts to help you to get a 95% mortgage with this fantastic new scheme.
What is the NewBuy scheme?
NewBuy is a new Government supported scheme that allows purchasers to buy a new build home in England with a 95% mortgage.
The NewBuy scheme is open to you if you are a first time buyer or existing home owner, providing that you have a minimum 5% deposit.
How does NewBuy work?
You pay a 5% deposit on your new home.
The Government and Taylor Wimpey both contribute to an insurance policy which allows a mortgage lender to lend mortgages at between 90 – 95% loan to value.
The NewBuy scheme does not affect the structure of your mortgage and your responsibilities as a borrower are exactly the same as for a standard mortgage.
Who can get a 95% mortgage with NewBuy?
It’s easy! You must have a minimum 5% deposit but unlike other government schemes, there is no limit on your household income.
All the standard affordability criteria and credit checks will be applied as usual. Book an online appointment at one of our developments and we will put you in touch with one of our approved Independent Financial Advisors for advice on mortgage availability.
Are all homes available to buy via NewBuy?
NewBuy is available on new build homes in England, which can be purchased for £500,000 or less.
NewBuy will be available on all of our developments, irrespective of whether they are houses or apartments. The scheme is not available on shared equity or shared ownership properties.
NewBuy is available on your main home and is not available for second homes or buy-to-let properties.
Full set of NewBuy eligibility criteria:
- The property must be a new build property in England
- The sale price of the property must be £500,000 or less
- The purchaser must have between 5% and 10% deposit
- The mortgage must be a repayment loan to value mortgage of at least 90% and at most 95%
- The property must be the purchasers main home (not second home or to be rented out)
- The purchaser must be a UK citizen or have indefinite leave to remain in the UK
- It must be a standard purchase – i.e. not shared equity or shared ownership
- The purchaser must not have had any help from the Local or Public Authority
- The deposit must be saved without any help from the local or public authority
- The loan must not be guaranteed in whole or in part by local or public authority
I've got a home to sell. Can you help?
Yes, with NewBuy you can Part Exchange your existing property if it is eligible for our Part Exchange scheme. Ask your Sales Executive for details.
How do I find out more?
Use the search facility below to book an online appointment and speak to a Sales Executive at the development of your choice.
They will be able to explain the scheme in detail and put you in touch with an Independent Financial Advisor.