The reinsurance broker has provided support to prospective home buyers

Reinsurance broker Gallagher Re has partnered with the Home Builders Federation (HBF) to develop a new scheme aimed at supporting affordable homeownership.

The launch of the Deposit Unlock website is designed to assist homebuyers in finding new build properties available with low-deposit mortgages.

Deposit Unlock was launched in 2021 to provide affordable, 95% mortgages to first-time buyers and home movers alike.

The scheme was developed by homebuilders and HBF, in partnership with Gallagher Re, to help more consumers more easily become home owners.

The new website allows potential buyers to search new-build properties near them that have exclusive mortgage deals with only a 5% deposit.

This means that consumers can compare new homes on 95% mortgage products from around the UK and Northern Ireland, via the one website.

Competitive deal

Steven Rance, managing partner of mortgage indemnity reinsurance at Gallagher Re, added: “Deposit Unlock is increasingly filling the post Help to Buy vacuum with national support from builders and mortgage lenders of all shapes and sizes.

“This website will make it easier for homebuyers to find a new home and competitive mortgage deal.”

HBF said the launch came at a “crucial time” for homebuyers as the end date for the Help to Buy scheme in England draws closer.

David O’Leary, executive director at the HBF, added: “This website marks another step forward in the evolution of Deposit Unlock.

“The scheme began with one lender and 17 home builders but has now extended across a range of mortgage lenders and more than 40 HBF members, covering all parts of the country.

“Through Deposit Unlock builders are making a big investment in supporting prospective new-build purchasers to access the sorts of mortgage deals that would otherwise not be available.

“This website will make the scheme more visible for homebuyers and for many will be the first step on the journey to home ownership.”