With Deposit Boost we could help you borrow less and secure a more competitive mortgage rate.
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Deposit Boost is an initiative that helps make your new home more affordable by increasing your deposit. If you’ve saved a 10% deposit for a new build, Deposit Boost adds an extra 5%, giving you a total deposit of 15%. This boost can help you secure a more competitive mortgage rate, making it easier to borrow less and move into your new home sooner. Available on selected homes, it’s a simple way to make your dream home within reach.
With Deposit Boost, we’ve made it easier for you to get the keys to your new home. For example, if the home you’ve got your eye on costs £300,000, you’d need a deposit of at least £30,000 (10%). With Deposit Boost, we can add an extra £15,000 (5% of the sale price), giving you a total deposit of £45,000 (15%). This means you’ll only need to borrow 85% of the home’s value.
With a larger deposit, you’ll need to borrow less from the lender, which could help you secure a more competitive mortgage rate. So, less saving up, more settling in.
Applying for the Deposit Boost scheme is simple.
In no time, you’ll be ready to move into your brand new home.
