Reserve your new home with the Deposit Unlock scheme29 August 2023
We’re pleased to announce that Devonshire Homes is now offering house hunters the chance to reserve a new home under the Deposit Unlock scheme. Launched in 2021 by The House Builders Federation (HBF) and reinsurance broker Gallagher Re, Deposit Unlock offers an alternative to the expired Help to Buy scheme.
What is Deposit Unlock?
The new Deposit Unlock scheme gives both first time buyers and existing homeowners the chance to reserve a new build home with just a 5% deposit.
The purchaser will then secure a mortgage for the remaining 95%. What’s more, unlike the Help to Buy scheme, there are no regional price cap restrictions.
Designed to help house hunters reserve their dream home, Deposit Unlock can be used to reserve a new build home up to the price of £833,250.
How does Deposit Unlock work?
If you choose to reserve your new home with Deposit Unlock, you don’t have to worry about extra paperwork or a confusing process. The journey is seamless and is much the same as a buying journey without the scheme.
After you have viewed your new home and confirm with our Sales Executives that you would like to reserve the plot, Devonshire Homes will then issue you with a Loan Confirmation Letter. This letter confirms that you are eligible to receive a mortgage under Deposit Unlock and you present the letter to your mortgage broker or lender. The broker or lender will record the unique ID and offer a mortgage under Deposit Unlock. That’s it!
Deposit Unlock is currently available with participating bank lenders including Nationwide Building Society, Accord Mortgages and Newcastle Building Society.
How can I use Deposit Unlock to reserve a Devonshire Homes property?
You can use Deposit Unlock to reserve a new build home at any of our sites across Devon, Cornwall, and Somerset up to the sale value of £833,250. So, whether you are looking for a two bedroom starter home or upsizing to a five bedroom detached property, Deposit Unlock could help you secure your dream home sooner than you think.
Let’s look at the two bedroom Otter coach house at Gwallon Keas, St. Austell, as an example. At a sale price of £209,950, you could reserve this high-quality new build home with a deposit of £10,496.50.
Perhaps you are looking for a home with more space. The five bedroom Arlington house at Longston Cross, Bovey Tracey, could be reserved with a deposit of £28,997.50 using Deposit Unlock.
Get started with Deposit Unlock today
Deposit Unlock is a fantastic new scheme that Devonshire Homes is proud to offer. In the absence of the Help to Buy scheme, Deposit Unlock will help more first time buyers onto the property ladder and will allow existing homeowners to start a new chapter in their next home.
Click here to visit the Deposit Unlock website for more information or contact our Sales Executives at any of our sites who will be happy to answer any questions you may have.