Cala Scotland East - Portfolio - Page 16
Finding the right
mortgage deal in 2023
Angela McKay and Graeme Cook from
First Mortgage discuss some of the new
products on the market and the benefits
they can offer to home buyers.
With very few lenders offering 95
per cent loan to value mortgages, Deposit
Unlock* offers first-time buyers and home
movers the opportunity to buy a new build
home or apartment with just a five per cent
deposit.
*
Deposit Unlock
has been particularly successful
in the new build apartment sector
where 95 per cent lending can be
more difficult to secure.
Deposit Unlock is a mortgage-backed
lending scheme designed to help borrowers
secure a newbuild home with a mortgage
value of up to £750,000 with a deposit of
just five per cent. Only available for first-time
buyers and home movers for new build
homes and apartments – not buy to let
purchasers.
16
Cala Living – Autumn 2023
The concept was borne from Gallagher Re
who led the project build from September
2020, with the backing of the Home Buyer
Federation and House Building community
to get this scheme up and running.
The scheme went live in June 2021 and was
supported with one lender to begin with and
now supported by three major lenders with
more expected later this year.
The main benefits to home buyers for this are:
No cost to clients for this scheme
A true 95 per cent mortgage with
no hidden charges or surprises
Clients will own 100 per cent
of their property.