Bluestone Mortgages launches Deposit Unlock product for first-time buyers

15 Jan, 2024

Bluestone Mortgages launches Deposit Unlock product for first-time buyers

Bluestone Mortgages has released its Deposit Unlock product to support first-time buyers with complex credit to get on the property ladder.

The lender signed up to Deposit Unlock at the end of last year, becoming the first and only complex credit lender to offer mortgages through the scheme.

Deposit Unlock is a 5% deposit mortgage scheme developed by the Home Builders Federation in partnership with major homebuilders and reinsurance broker, Gallagher Re.

The scheme aims to support more buyers get onto or move up the housing ladder when Help to Buy England was removed from the market.

David O’Leary, Executive Director at HBF, added: “Ensuring people can buy a new build home is key to the industry’s ability to deliver desperately needed new homes.

“Too many people are unable to realise their ambition of home ownership because they simply can’t afford the deposit required.

“The industry has worked with lenders to develop a sustainable solution that will help more prospective buyers onto the housing ladder, maintain demand and so enable builders to build.

“The addition of Bluestone will increase the availability and awareness of Deposit Unlock and so help more people realise their ambition of owning a high quality, energy efficient new build home.”

Reece Beddall, Sales and Marketing Director at Bluestone Mortgages, commented: “Following the end of the Help to Buy scheme, those with smaller deposits are finding it increasingly challenging to get onto the property ladder as the increased cost of living limits their power to save or a deposit.

“With this in mind, we’re focused on innovating to find new solutions to help would-be borrowers with lower deposits achieve their homeownership goals.

“This partnership demonstrates our commitment to supporting disenfranchised first-time buyers with complex credit, as well as helping housebuilders find customers for their properties.”

Freddie Scarratt, Head of UK Mortgage at Gallagher Re, said: “Bluestone Mortgages is a fantastic new addition to the Deposit Unlock scheme, as they broaden the potential customer base for the scheme’s house builders.

“Heading into 2024, consumers need more choice, and Deposit Unlock is delivering that with a new lender and a unique product.

“Deposit Unlock is going from strength to strength, providing a positive impact for all stakeholders. We look forward to welcoming Bluestone Mortgages onboard in the New Year.”

Deposit Unlock is now available on selected homes from more than 80 major and SME home builder brands and a choice of lenders, with an increasing number set to join moving forward.

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