What is Deposit Unlock?

What lenders offer Deposit Unlock?

The scheme is available through all participating lenders including:

• Newcastle Building Society
• Nationwide Building Society
• Accord Mortgages

Should I use the Deposit Unlock Scheme?

Any scheme that can help you get on the property ladder is beneficial, especially one that allows you to get a mortgage with a 5% deposit. However, it’s important to remember that there are potential drawbacks as well.

With the Deposit Unlock Scheme, you may be limited in your choice of lenders, which means you might not be offered the most competitive interest rate.

Additionally, your selection of properties is restricted since the scheme is exclusively available for new build homes from specific home builders.

Another factor to bear in mind is that when you move into a new build, it’s no longer considered a ‘new build.’ As a result, the property’s value might decrease depending on the market.

In the end, thorough research is essential if you’re uncertain about your decision. To learn more, feel free to contact us today, and one of our advisers will be happy to discuss your options with you.