NewBuy lets you buy a newly built home with a deposit of only 5% of the purchase price.
To be eligible for NewBuy, your new home must be:
- a new build – being sold for the first time or for the first time in its current form (eg a new flat that used to be part of a house)
- priced at £500,000 or less
- your main home - you can’t use NewBuy to buy a second home or a buy-to-let property
- fully owned by you - you can’t use NewBuy for shared ownership or shared equity purchases
- built by a builder taking part in the scheme
To be eligible you must be either:
- a UK citizen
- someone with the right to remain indefinitely in the UK
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use NewBuy with any other publicly funded mortgage scheme.
How to apply
You apply for a mortgage from an approved lender. The lender will check that you can afford to repay it, as they would for any other type of mortgage.
You could get a mortgage of up to 95% of the purchase price if the lender is satisfied and you meet all the criteria.
Find out if there are any NewBuy homes in the area where you want to live.