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Aldermore becomes first challenger bank to support NewBuy scheme

POSTED: 3rd September 2012
IN: Newsroom
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Aldermore has become the first challenger bank to participate in the government’s NewBuy scheme, designed to help homebuyers with a limited deposit acquire a new home.

Initially, Aldermore will be making its NewBuy products available via Fairview New Homes Limited, which has developments located throughout the South and East of England. Further details about the NewBuy scheme can be found on Aldermore's NewBuy web page.

Aldermore's NewBuy mortgage products include the following features:

 - Choice of 2 or 3 year fixed rate at 5.48%

 - Full status loans up to £400,000 and up to 95% LTV

 - Only a 5% deposit required. Gifted deposits are acceptable from close relatives and full gifted deposits are acceptable for first time buyers, subject to evidence of 12 months continuous rental payments

 - Min valuation of £75,000 and Max of £500,000

 - Capital and interest loans for house purchase with repayment periods up to 25 years

Charles Haresnape, Managing Director of Aldermore Residential Mortgages, said: "Aldermore's delighted to be the first challenger bank to join the NewBuy scheme, which is an important initiative to help homebuyers struggling to raise a sufficiently large deposit.

"NewBuy is one of a number of initiatives designed to help breathe life into a moribund housing market and we look forward to rolling out the scheme with additional builder partners over the coming months."

Jim Holliday, Group Sales and Marketing Director at Fairview New Homes Limited, said: "NewBuy will not only help first-time buyers having difficulties raising the necessary deposit, but any aspiring homebuyer who wants to own a new home. We are looking forward to working closely with Aldermore over the coming months to make this scheme available to prospective home buyers."

Housing Minister Grant Shapps said: "I'm delighted that Aldermore will now be offering mortgages through the innovative NewBuy Guarantee, which is ensuring more and more aspiring homeowners are getting the help they need onto the property ladder.

"NewBuy now covers nearly three quarters of the mortgage market, but I want to go further and see more lenders following their example by signing up to ensure even more of those looking to buy newly-built homes are able to do so with just a fraction of the deposit they would normally require."

Full details about Aldermore's NewBuy products, along with further information about the full range of mortgage products and services available from Aldermore is available at: www.aldermore.co.uk or by phoning 0333 3211000.

**Ends**

For further information journalists can contact:

Josh Cooper, PR consultant                   office: 01654 791385

josh@cooper-consultants.co.uk           mobile: 07768 355265 

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.

  • Personal
  • Journalist
  • Press Release
  • Residential Mortgages

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