Newbuy Scheme

Government Backed 95% Mortgages

The first ever government-backed mortgage indemnity scheme is now available. The NewBuy Guarantee scheme aims to help homebuyers who only have access to a 5% deposit.

Under the new programme, developed jointly by the Home Builders Federation (HBF) and Council of Mortgage Lenders, 95% percent mortgages will be made available to existing homeowners as well as first-time buyers (FTBs) on new-build properties (houses and flats) worth up to £500,000.

This is welcome news for first-time buyers in the capital and surrounding areas, where the average price of housing is much higher than anywhere else in the UK and also for existing homeowners who are looking to move up the property ladder into larger homes.

The typical deposit needed to buy a home is 20 per cent; so for a home worth £200,000 buyers using the NewBuy scheme need a deposit of just £10,000 rather than £40,000.

Persimmon will have lending arrangements with Woolwich, Nationwide, NatWest, Santander and Halifax for NewBuy offering a wide choice of options to homebuyers.

NewBuy Eligibility Criteria

• The NewBuy scheme is only available to purchasers of new build houses or flats, priced up to £500,000
• Purchasers may be first-time buyers or those already on the property ladder
• Purchasers must be UK citizens or those with a right to remain indefinitely in the country
• The NewBuy scheme is only open to those purchasing their principal home
• The NewBuy scheme is not available for shared ownership or shared equity purchases

Guide to NewBuy

Use our search facility and once you have found a new home that you are interested in contact or visit the development for further information.

Living in Scotland?

A similar scheme - MI New Home - is currently being finalised for house purchasers in Scotland and should be available soon.In the meantime, register your interest in the MI New Home scheme.

Terms and Conditions
NewBuy scheme is available subject to status, terms and conditions and using a Persimmon-nominated solicitor and/or financial adviser as necessary. NewBuy will not be available in conjunction with any other financial incentives, such as deposit paid, legal fees paid or stamp duty paid. Persimmon cannot advise you on a mortgage. This particular mortgage also requires a clean credit record. Written details available on request. YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.