Helping you buy

Help to buy family

Deposit Unlock Scheme

First-time buyer or current homeowner? Make your move right away with the Deposit Unlock scheme, just a 5% deposit!

With the help of the Deposit Unlock scheme*, which was developed in partnership with mortgage lenders and housing developers, first-time homebuyers and current homeowners can borrow a maximum mortgage loan of up to £750,000 with just a 5% down payment. The scheme is exclusively available on selected new-build homes.

By using Deposit Unlock, you may take advantage of affordable mortgage options from main street lenders, making it easier to purchase a new home. Plus, your new house is entirely yours.

DEPOSIT UNLOCK

Price cap on property value: Up to £750,000

Example breakdown based on a purchase price 
of £400,000

5%

BUYERS DEPOSIT - £20,000

|

95%

MORTGAGE LOAN - £380,000

FREQUENTLY ASKED QUESTIONS

 

Sliding doors quote

Who is eligible?

Deposit Unlock is open to buyers in England, Wales, and Scotland.

Unlike the current Help to Buy Equity Loan scheme, Deposit Unlock isn’t just for first-time buyers, so you can use it to up or downsize, or relocate. However, it isn't available to buy-to-let borrowers.

Eligibility criteria for the scheme will be the same as the criteria your chosen lender applies to all its mortgages. This includes looking at your income, how long you have been in your current job, your expenses, and your credit score.

If you’re self-employed, it’s worth checking with participating lenders if you’ll qualify to buy using the scheme.
 

When can I start using the scheme?

Right now – the scheme was trialed and then launched in 2021.
 

Is there a price cap on how much I can spend on a home?

If you meet the eligibility criteria, you could spend more on a property using the Deposit Unlock scheme compared to Help to Buy.

Newcastle Building Society will allow Deposit Unlock customers to spend up to £750,000 on a property. Nationwide will consider mortgages of up to £750,000, which means the sale price with a 95% loan-to-value mortgage extends the price cap to £833,250.