Gallagher Re has welcomed Bluestone Mortgages — the complex credit lender — to Deposit Unlock. The innovative reinsurance-backed mortgage indemnity scheme was designed and developed for the house building industry to fill a growing gap in low-deposit lending for the new build market.

Bluestone Mortgages joining Deposit Unlock makes the scheme more accessible, as it's now available to those who don't 'tick all the boxes' of a mainstream lender. Bluestone's lending looks beyond credit history to future affordability.

Available throughout all regions of the UK including Northern Ireland, buyers using Deposit Unlock have a broad choice of energy-efficient new build homes within their reach. The scheme allows buyers to purchase a home with just a 5% deposit at zero cost to the taxpayer with much reduced risk to lenders. Protection is offered to participating lenders, funded by the house-building community, enabling them to safely lend at 95% loan to value (LTV).

Freddie Scarratt, UK head of mortgages at Gallagher Re, said, "Bluestone Mortgages is a fantastic new addition to Deposit Unlock, broadening the potential customer base for the scheme's house builders. With increased living costs, many hard-working people are keen to buy, but have been unable to save for a deposit, or have a slight imperfection in their credit history. Deposit Unlock makes homeownership a reality for more consumers, and Bluestone Mortgages is helping to deliver that with their unique lending criteria, closing the gap between renting and purchasing."

With more than 75 developers now signed up, and with an increasing choice of lenders on board, Deposit Unlock continues to grow, welcoming a more diverse pool of lenders and making home ownership a possibility for more people, many of whom didn't consider themselves eligible.

Deposit Unlock soft launched in partnership with Newcastle Building Society and 17 founding members of the Home Builders Federation, before welcoming Nationwide — Britain's biggest building society — in October 2021, YBS's Accord Mortgages and now Bluestone Mortgages. Since launch, Deposit Unlock's reach has significantly grown. More than 75 UK house builders have now signed up to the scheme, representing more than 82% of new build construction, and more are in the process of joining.