Perenna is the latest lender to join homeownership scheme Deposit Unlock

10 Apr, 2024

Perenna is the latest lender to join homeownership scheme Deposit Unlock

Perenna has announced it has signed up to the home building industry’s low deposit mortgage scheme, Deposit Unlock, with a formal launch date of mid-April.

Perenna joins the scheme, alongside existing lenders Nationwide, Accord Mortgages, Bluestone Mortgages, and Newcastle Building Society.

Developed by the Home Builders Federation in partnership with major homebuilders and reinsurance broker, Gallagher Re, Deposit Unlock works by offering participating mortgage lenders protection on mortgage products so they can lend to consumers at 95%.

The scheme was established in response to the ending of Help to Buy in England and aims to support more buyers get onto or move up the housing ladder by making new build homeownership more affordable.

Since its launch in 2019, Deposit Unlock has helped hundreds of people to realise their dreams of homeownership. The scheme is now available on homes of more than 80 major and SME home builder brands.

Under Deposit Unlock, first-time buyers and existing homeowners will have access Perenna’s flagship flexible long-term fixed rate mortgage products when buying a new build property. The lender will also accept up to a 5% deposit contribution from participating developers, making it possible for eligible customers to buy a new build with a zero deposit.

David O’Leary, Executive Director at HBF, commented: “The dream of home ownership has become an increasingly difficult one to achieve in recent years with deposit requirements beyond the reach of many.

“The resultant lack of demand has impacted the supply of new homes, with developers unable to invest in new sites without any certainty in the market. Deposit Unlock was developed jointly by lenders and developers to address the dearth of affordable mortgage products and so enable people to buy.

“Perenna’s addition to the Deposit Unlock stable will broaden the offering to a wider market, enabling more people to buy and so more homes to be delivered."

Colin Bell, Founder and COO of Perenna, commented: “We're thrilled to announce our collaboration with Deposit Unlock, a partnership aimed at making homeownership more accessible to everyone. Whether your customer is a first-time buyer looking to step onto the housing ladder or a second-time buyer seeking new opportunities, Perenna is here to make a difference in their outcome.

“Affordability remains a struggle for many buyers and especially first-time buyers, and through this partnership and our consumer-friendly affordability boost mortgage we will help aspiring homeowners realise their dream of homeownership and living in the home they really want.

“By enabling deposit contributions from developers, we're opening doors to the possibility of zero deposits for some customers. This partnership is a winner for aspiring homeowners of new build homes.”

More information on Deposit Unlock can be found at and on participating developer and lender websites.

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