Aldermore has become the first challenger bank to participate in the government’s NewBuy scheme, designed to help homebuyers with a limited deposit acquire a new home.
Initially, Aldermore will be making its NewBuy products available via Fairview New Homes.
Aldermore’s NewBuy mortgage products include a choice of two- or three-year fixed rate at 5.48 per cent and features full status loans up to £400,000 and up to 95 per cent loan-to-value (LTV). The products are available from £75,000 – £500,000.
Aldermore residential mortgages managing director Charles Haresnape said: “NewBuy is one of a number of initiatives designed to help breathe life into a moribund housing market and we look forward to rolling out the scheme with additional builder partners over the coming months.”
Jim Holliday, group sales and marketing director at Fairview New Homes, added: “NewBuy will not only help first-time buyers having difficulties raising the necessary deposit, but any aspiring homebuyer who wants to own a new home. We are looking forward to working closely with Aldermore over the coming months to make this scheme available to prospective home buyers.”
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