All you need to know about 95% mortgages and NewBuy

The news that 95% mortgages are back means home buyers need a much smaller deposit than some of the hefty sums that were previously being asked for by lenders.

Developer Redrow Homes is sharing the good news by hosting a special event at Holtby Gardens in Cottingham this Sunday (May 13) to explain how the Government backed NewBuy scheme works and, importantly, how it makes owning a new home easier to afford.

Friendly sales staff will be on hand to talk about the options and mortgage specialists available to offer financial advice.

Patsy Aicken, sales director for Redrow Homes (Yorkshire) explains: “The reintroduction of 95% mortgages has grabbed the headlines and created high levels of interest, but not everyone knows how it could help them. A lot of people mistakenly think it’s only available to first time buyers when, in reality, it’s open to anyone buying one of our new homes priced at up to £500,000.

“The event at Holtby Gardens is designed to de-mystify the whole process and make buying one of our beautiful brand new homes as simple and straight forward as possible. People can call in at their convenience between 10am and 5.30pm to find out more.”

While NewBuy is great news for first time buyers, those climbing the property ladder can also take advantage of the scheme to avoid wiping out all their savings on a hefty deposit or perhaps overcome the issue of not having sufficient equity in the home they’re selling.

NewBuy is available on three and four-bedroom homes at Holtby Gardens. With prices from £159,999 for a three-bedroom property, savings of around £8,000 could be enough to secure a brand new home.

Lenders participating in the NewBuy scheme will provide a 90-95% mortgage for buyers who meet their qualifying criteria; the lenders will be protected by a mortgage indemnity guarantee (MIG) jointly funded by Redrow and the Government.

Inspired by the architecture of the Arts and Crafts era, the homes look traditional from the outside. Inside, the homes are bright and modern, boasting well-equipped kitchens fitted with integrated top brand name appliances including microwave, oven and fridge freezer; while bathrooms and en-suites enjoy quality fixtures and fittings.

To discover how NewBuy could help you buy your dream home, visit Holtby Gardens this Sunday (May 13).

For details of the latest availability and pricing, see redrow.co.uk.