NewBuy mortgage scheme figures reveal 600 homes have already been reserved.

NewBuy mortgage scheme figures which were recently released by the Home Builders Federation, show that since the scheme's launch in March 600 people have benefited and reserved new homes.

The Government backed NewBuy mortgage scheme was introduced three months ago to allow buyers with a small deposit to purchase a new build home with a 5% deposit.

Since the scheme's launch both the number of house builders and lenders signed up to the scheme has increased. The number of lenders has increased from three to six with Abbey, Santander and Lloyds having joined Barclays, Nationwide and Natwest who offered mortgages from the start.

Stewart Baseley speaking on behalf of the Home Builders Federation said that the housing market remains challenging but there are still good options for those wanting to purchase their own home.

He added that the NewBuy mortgage scheme is now beginning to take off as it allows those with just a 5% deposit to secure a home. He said that in addition to this many builders are now operating shared equity schemes which make buying property more affordable.

It is hoped that over the years to come the NewBuy scheme will make a real difference to small deposit buyers which will enable thousands more people to realise their home owing ambitions.

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Contact one of our skilled advisers today.