The NewBuy scheme allows you to purchase a newly built home with a deposit of only 5% of the purchase price.
To qualify for the NewBuy scheme your new home must :
- Be a new build property on the market for the very first time.
- Be priced at £500,000 or less.
- Be your main home.
- Be fully owned by you.
- Be built by a builder who is part of the NewBuy scheme.
You must be:
- A UK citizen
- A UK Passport holder.
You do not have to be a first time buyer but you cannot use NewBuy in conjunction with any other publicly funded mortgage scheme.
You must apply to an approved lender for a mortgage and you could get up to 95% of the purchase price if you meet the requirements as outlined above.