Deposit Unlock
Home >New Build with just a 5% deposit
If your client is looking to buy a new build home, but saving for their deposit seems a little out of reach, ‘Deposit Unlock’ could help.
Deposit Unlock is a brand-new scheme devised in collaboration with lenders and the home-building industry. It allows your client to buy a new build home (max loan of £750k) from a participating builder with just a 5% deposit. This means they can get a normal mortgage and own 100% of their home.
Perenna’s unique proposition
This is where it gets interesting. At Perenna, we understand that saving for a deposit can be tricky. That’s why we have created a unique solution to help buyers.
With our Deposit Unlock mortgage, we require a 5% deposit. However, to make things easier, we’re happy to take that deposit from the buyer, the developer (if they offer cash incentives), or a combination of both. This could mean your client doesn’t need to save as much!
We’re proud of our approach. And we think this will make owning a new build home more affordable to more people.
FAQs
Who can apply for a Deposit Unlock mortgage?
The scheme is available to first-time buyers or those moving home.
Customers buying a new build property from a participating developer can apply for this mortgage. You can find out which builders are participating here.
How does a Perenna Deposit Unlock mortgage work?
Plus, you’ll receive all the usual benefits of a Perenna mortgage, meaning you can enjoy:
- Increased borrowing power - borrowing up to 6 times income, subject to criteria
- Monthly payments that don’t change
- Short early repayment charge to give flexibility
- No maximum age caps, giving more options in later life
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Perenna Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 956138. Perenna Bank PLC is a company registered in England and Wales with company number 13084174. Our registered office is at 20 Eastbourne Terrace, London W2 6LG
VAT number: 439664553
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