Housebuilder launches low deposit mortgage scheme

BARRATT Homes has announced the launch of a new low deposit mortgage scheme, designed to help make home ownership more accessible.

Deposit Unlock’ is being introduced across the housebuilder’s developments in the west and north of Scotland including The Scholars in Kilmarnock and Westburn Gardens in Aberdeen.

Under the initiative, buyers can purchase a new-build home priced up to £330,000 with only a 5% deposit. The scheme is run in partnership with Newcastle Building Society, which is able to offer a range of mortgage rates under Deposit Unlock, starting at 3.50% for a two-year fixed rate mortgage.

Douglas McLeod, regional MD for Barratt Scotland, said, “We frequently offer deposit contributions, part exchange and other offers on homes across Scotland but we’re especially proud to launch Deposit Unlock which will allow us to support first-time buyers and existing homeowners at scale. With government-backed schemes like Help to Buy and the First Home Fund closed for further applications, Deposit Unlock will mean many buyers will be able to move onto or up the property ladder and realise the benefits of owning their own home.”