NewBuy mortgage scheme reaches almost 1500 reservations.
The Government launched the NewBuy mortgage scheme 6 months ago. At this time the launch received mixed reviews, however recently new figures suggest that it is gaining momentum.
The aim of the scheme is to kick start the housing market by giving low deposit would-be buyers access to affordable 95% loan to value mortgage deals.
Since its launch critics have been keen to announce it is a failure, however more recently figures show that the scheme is starting to take off.
According to recent figure around 1500 homes have now been reserved since its launch. That's 1500 low deposit buyers who have been helped who would not otherwise have been able to afford a home.
At the initial launch only 7 builders and 4 mortgage lenders signed up, 6 months on and there are now 30 builders and 6 lenders.
The scheme is available to any low deposit buyer whether or not it is their first home.
Since its launch lenders have cut their NewBuy mortgage rates, this is hoped will improve the uptake of the scheme. The NewBuy website has already had 100,000 visitors and both the Scottish and Welsh Governments plan to roll out a similar scheme of their own.
NewBuy mortgages are available for new build property only and so if you are looking for a mortgage for an older property you are advised to call Deal Direct for a quote.
Call one of our advisers today for a competitive mortgage offer.
