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Briefings

Member Briefing: End of NewBuy scheme

Date: 06/03/15

End of NewBuy scheme

The NewBuy Guarantee scheme comes to a close on Sunday 8th March in accordance with its original end date. The initiative has so far helped more than 4,500 buyers to purchase a new build home with a smaller deposit than was available in the mortgage market when it was introduced in 2012. Prior to the introduction of the government-backed Help to Buy scheme was responsible for an estimated 10-15% of new home reservations.

Lenders have an obligation to honour mortgage offers for up to six months from the date of the mortgage offer and as such completions could be declared to the scheme up to and including 8th September 2015.

HBF PCC and its Cells will continue to provide indemnity, under the policies issued to the lenders, for a period of seven years from the date of the last loan covered by each insurance policy.

A letter has been sent to all participants in the scheme but, if you have any queries in relation to this letter, please contact JLT at hbf_pcc@jltgroup.com.

David O’Leary

Deputy Director of External Affairs