NewBuy information via SmartNewHomes
What is it?
Available from March 2012, a value capped guarantee for up to 100,000 new mortgages. It's up to 95 per cent loan to value lending for new build properties, including houses and flats in England.
Who's backing it and why?
Backed by the Government and led by the Home Builders Federation and Council of Mortgage Lenders, the NewBuy scheme will deliver a significant increase in housing supply and access to affordable mortgages for those without large savings who wish to purchase a new home.
This is a trial scheme delivered by the Department for Communities and Local Government and will be available in England only.
The Government intends to evaluate the scheme after a period of two years, with an assessment of the intended positive effect on the demand and supply of new build properties.
All potential buyers, subject to appropriate underwriting criteria who are purchasing a new build property via a participating developer with one of these major lenders and where both lender and developer have a commercial agreement:
Barclays, Santander, HSBC, Lloyds Banking Group, RBS, Yorkshire and Clydesdale Banks and Nationwide.
Buy-to-let investors or second home owners are excluded from applying.
Please click here to find participating new home developers.