Reinsurance solution helps borrowers get mortgages with 5% deposit
Deposit Unlock is an innovative mortgage guarantee scheme created to help borrowers secure a new-build home with a deposit of only 5%. Deposit Unlock is available on both houses and flats for both first-time buyers and existing homeowners.
It launched in June 2021 and Gallagher Re administers the scheme on behalf of participating developers.
Why is Deposit Unlock needed?
A group of 17 major property developers, who are members of the trade body Home Builders Federation (HBF), recognised the need for a private sector mortgage guarantee scheme to fill the gap left by the closure of the government’s Help-to-Buy scheme.
On behalf of the founding 17 builders seeking an alternative to Help-to-Buy, the HBF commissioned Gallagher Re to design, initiate and implement a solution.