Colindale Gardens
Deposit Unlock now available

Deposit Unlock now available

26/11/2021 by Buildington

Redrow has signed up to the Deposit Unlock initiative created in partnership with reinsurance broker Gallagher Re.

The scheme will be open to both first-time buyers and second-time buyers, allowing them to buy a new-build property worth up to £750,000 with just a 5% deposit, allowing borrowers with lower deposits to access more competitive mortgage products.

The scheme is now being offered across the country, with Nationwide and Newcastle Building Society the first major lenders to sign up to the initiative.

The scheme is an alternative to Help to Buy which is scheduled to close in March 2023 and is essentially a new-build version of the existing mortgage guarantee scheme.

For example, at the Colindale Gardens development, the customers can purchase a two-bed balcony apartment priced at £515,000 with a 5% deposit amount under £26,000.

James Holmear, Redrow Group Sales Director, commented: “The only way to address the UK’s chronic housing shortage is to build more new homes, as well as ensuring potential buyers are supported by both industry and government initiatives.

“This new scheme provides potential buyers with competitively priced mortgage products that make the dream of buying a new home more affordable and, as the name suggests, unlocks a significant part of the market.

“The housebuilding community have worked together to fund the insurance indemnities that have created an innovative and sustainable solution to a long-term issue.”

The scheme is also available with other London developers - Barratt London, Linden Homes and Crest Nicholson, just to name a few.

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