Deposit Unlock

🏡 Deposit Unlock is an innovative industry mortgage guarantee scheme designed to help borrowers secure a new-build home with a deposit of just 5%. 💸 Currently with high-street lender Accord Mortgages, long-term fixed rate lender Perenna and specialist lender Bluestone Mortgages! 🏣 Until October 2022 the government’s Help to Buy scheme had been the driving force behind high loan-to-value (LTV) new-build lending. 🤝 As the scheme drew to a close, a group of 17 property developers – part of the trade body, Home Builders Federation (HBF) – recognised the need for a private sector mortgage guarantee scheme as an alternative. 🏢 On behalf of these builders, the HBF & HFS commissioned Gallagher Re – the reinsurance division of Gallagher – to design, initiate and implement such a scheme. 🧠 The solution proposed by Gallagher Re utilises a protected cell captive to provides mortgage insurance to lenders allowing them to lend on new-build housing, at a 95% loan-to-value ratio, with reduced risk exposure. 🚀Deposit Unlock launched in June 2021 and Gallagher Re administers the scheme on behalf of the members.