'Deposit Unlock' pilot initiative announced in the North East of England

The recently announced Deposit Unlock scheme, developed with the Home Builders Federation and its members, aims to allow buyers to secure a new-build home up to a value of £330,000 with a deposit of just 5%. 

The recently announced Deposit Unlock scheme, developed with the Home Builders Federation and its members, aims to allow buyers to secure a new-build home up to a value of £330,000 with a deposit of just 5%.  House-builders will pay the cost of insuring mortgages through a percentage of income from house sales.

The scheme will be piloted on selected plots in the North East of England through four house builders with Newcastle Building Society being the first lender to be involved in the scheme.

Commenting on the launch of the scheme, Paul Broadhead, Head of Mortgage & Housing Policy at the BSA said: 

"Deposit Unlock is a great example of a private sector initiative which addresses an important social challenge – helping people to buy their own home.  This support for higher loan to value lending on new homes will be particularly helpful for younger buyers who often struggle to save for a deposit while paying rent at the same time.  Our research shows that raising a deposit is now the single biggest barrier to would-be buyers.  Building societies are synonymous with home ownership and it is good to see Newcastle Building Society leading the way as the first lender to sign up. I am confident that more will follow.”

 

You may also be interested in...

BSA Card
  • BSA.PressRelease Press Release
  • Mortgages & Housing

Building society sector grows as two banks are mutualised

Building societies and mutual-owned banks remain the driving force in the mortgage market whilst continuing to offer competitive savings rates.

BSA Card
  • BSA.PressRelease Press Release
  • Mortgages & Housing

Disappointment for first-time buyers as Bank Rate remains at 4.25%

BSA comments on the MPC's decision to hold the Bank Rate at 4.25%

BSA Card
  • BSA.Event Event
  • Financial Crime

Financial crime prevention seminar

This full-day event in Leeds provides BSA members with expert briefings on current key risk areas in financial crime to help them review and focus the...

BSA Card
  • BSA.PressRelease Press Release
  • Mortgages & Housing

BSA welcomes changes that help to level the playing field between building societies and banks

The Building Societies Act 1986 (Amendment Bill) successfully passed its legislative stages as part of wash up today.

BSA Card
  • BSA.PressRelease Press Release

With a third of people relying on their savings to get by, UK Savings Week aims to help those who can get into a better savings habit

The inaugural UK Savings Week runs 26 September to 2 October 2022

BSA Card
  • BSA.PressRelease Press Release

The beauty of simplicity in a complex world

Speaking on the first day of the Building Societies 2023 Annual Conference at the ACC in Liverpool, BSA Chief Executive, Robin Fieth, talked about the...

BSA Card
  • BSA.PressRelease Press Release
  • People

Debbie Enever to join the Building Societies Association as Head of External Affairs

Debbie will join the organisation on 1 September 2023. 

BSA Card
  • BSA.PressRelease Press Release
  • Thought leadership

A partnership to put mutual and co-operative businesses at the centre of the new Government's plans for growth

Mutual trade bodies Co-operatives UK, The Association of Financial Mutuals, the Building Societies Association and ABCUL, have written to Sir Keir Sta...

BSA Card
  • BSA.Event Event
  • People

Women's Leadership Programme - "The Becoming Journey®"

Taking place between 12 Sept. - 3 Dec. 2025