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Deposit Unlock

Take your first step or move up the property ladder to a new Beal home with just a 5% deposit

What is Deposit Unlock?

Deposit unlock is a scheme that enables you to buy a new Beal home with just a 5% deposit, and is available on a wide range of new build homes up to the value of £833,250*. It is the low deposit mortgage solution designed to give you the opportunity to buy your dream new Beal home.

Benefits of Deposit Unlock

  • You only need a 5% deposit and a 95% mortgage.
  • The scheme is available to both first-time buyers and home movers.
  • There is no upper limit on your household income.
  • You will benefit from an insurance backed guarantee, allowing you to access competitive mortgage rates.
  • The scheme is available on new build properties up to the price of £833,250*
  • You own 100% of the property.

How Deposit Unlock works?

The Home Builders Federation and its members have joined together to create a house builder-owned insurance scheme, managed by Gallagher Re. This means that they offer mortgage lenders 35% protection on their mortgages, so that they can lend to customers at 95% on new build housing.

Usually, lenders take out insurance on mortgages that might carry a higher risk, such as first-time buyers with limited deposit. The insurance means that lenders can recoup some costs if the home is repossessed, however, this can be expensive for lenders. Deposit Unlock overcomes this as house builders pay for the insurance, not lenders.

Customers only need to put down a 5% deposit and can purchase a property up to £833,250* with no restrictions on location, subject to lender’s approval.

Deposit Unlock is currently available with participating bank lenders including Nationwide Building Society, Accord Mortgages and Newcastle Building Society.**

How to buy with Deposit Unlock

Deposit Unlock is a straight forward process that makes home ownership more affordable

1. You view and reserve your chosen new home

2. We will issue a Loan Confirmation Letter

3. You pass the letter to your mortgage broker

4. Your lender records a unique ID and offers you a mortgage under deposit unlock

5. You fully own your new home.

Figures shown are provided for illustration purposes only. Gallagher Re is not able to give financial advice, please consult an independent financial advisor. Terms and conditions apply. The Deposit Unlock scheme is subject to the lender’s participation on selected units at eligible developments. For full terms and conditions, please ask a sales executive at your selected development.
*subject to lenders participation on selected homes and developments. Rates and maximum purchase price vary via lender, based on Nationwide Building Society’s current guidelines from November 2021.
** Details are correct as of 08.11.22.