In collaboration with global reinsurance broker Gallagher Re and the Home Builders Federation, Bluestone aims to become the sole complex credit lender offering a 95% LTV mortgage for new builds through the scheme
Specialist lender Bluestone Mortgages has announced plans to extend its lending to more FTBs through the Deposit Unlock scheme.
In collaboration with global reinsurance broker Gallagher Re and the Home Builders Federation, Bluestone aims to become the sole complex credit lender offering a 95 per cent LTV mortgage for new builds through the scheme.
Expected to roll out a new product in early next year, the lender said it wanted to support disenfranchised FTBs, especially those grappling with limited options since the end of the Help to Buy scheme.
Deposit Unlock is a mortgage guarantee scheme designed to support borrowers by allowing them to secure a new-build home with a minimal 5 per cent deposit. The lender said it would use its expertise in specialist lending to open up the scheme to FTBs who are unable to secure finance through mainstream lenders.
After 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 higher cost-of-living limits their power to save or a deposit, said Reece Beddall, sales and marketing director at Bluestone Mortgages. With this in mind, we are focused on innovating to find new solutions to help would-be borrowers with lower deposits achieve their homeownership objectives.
This partnership shows our commitment to supporting disenfranchised FTBs with complex credit, as well as assisting housebuilders find customers for their properties, Beddall said.
Freddie Scarratt, head of UK mortgage at Gallagher Re, said: Bluestone Mortgages is a fantastic new addition to the Deposit Unlock scheme, as they widen the potential customer base for the scheme’s house builders. Heading into 2024, consumers need more options, and Deposit Unlock is delivering that with a new lender and a unique product.