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Deposit Unlock: the key to your new home
This innovative way to buy a new build, means you could be in your new Cala home sooner than you think, with as little as a 5% deposit.
What is Deposit Unlock?
Deposit Unlock is a new scheme created by the Home Builders Federation (HBF) in conjunction with the housebuilding industry and mortgage lenders. It allows purchasers to buy a new-build home with as little as a 5% deposit.
The scheme is open to first time buyers and home movers who wish to buy a new-build home from a registered HBF member, with a deposit between 5% and 9.99%.
If you are currently paying money towards your rent and you would prefer to pay this towards buying a new home, then it could be worth exploring what Deposit Unlock could do to make buying a new home more affordable for you.
It reduces the amount of deposit required to purchase a home and gives you access to better mortgage deals.
Deposit Unlock FAQs
Deposit Unlock makes buying a new home more affordable by enabling customers to borrow up to 95% of the value of an eligible new build home and, providing competitively priced mortgage products.
On selected developments, Cala will help customers improve their eligibility to purchase a home by taking out an insurance policy that greatly reduces the risk for lenders and ensures they are able to lend to customers with smaller deposits.*
Subject to lending criteria, customers could borrow between 90.01% and 95% of the property purchase price (loan-to-value) through participating mortgage lenders, at competitive interest rates. The maximum amount that can be borrowed is £750,000.
As the Deposit Unlock scheme was developed as an affordable, low-deposit mortgage solution, the maximum amount of deposit that can be put down is 9.99% of the property purchase price.
Deposit Unlock Calculator
With Deposit Unlock, you could buy a new home up the value of £833,000 (subject to mortgage lender's criteria). Our calculators will help you find out what size of deposit you would need to purchase your chosen home. If you already have a deposit saved, you can find out how much further it could stretch through the scheme.
Here's what an Independent Financial Advisor said about using Deposit Unlock to buy a new home
Where do I start with Deposit Unlock?
Confirmation letter
We will provide you with a letter to give to your Mortgage Broker or Independent Financial Advisor that confirms that Cala is prepared to offer Deposit Unlock. We cannot guarantee that the lender will accept your application.
Mortgage Lenders
Your Mortgage Broker or Independent Financial Adviser will then advise you on the participating mortgage lenders and take you through the process of applying for a mortgage.
Proceed with the sale
If your mortgage application is successful, you can reserve your Cala home and you’re one step closer to your new home.
Why buy a new home from Cala?
There’s nothing quite like moving into a brand-new home. From newly installed kitchens and bathrooms to the peace of mind of knowing that your property is safe, energy efficient and low maintenance.
What’s more, you’re buying a complete blank canvas on which to stamp your own individual style. Take a look at our top reasons to buy a new home.
Terms & Conditions*
- *Deposit Unlock is subject to lender participation and is available on selected Cala homes up to a maximum purchase price of £833,000. This is subject to change and the lender’s criteria.
- Deposit Unlock may be available in conjunction with other Cala offers and incentives. Please ask your Sales advisor for more information in this regard at the time. Any additional offers or incentives will be applied at Cala’s sole discretion.
- You must have between a 5% and 9.99% deposit to benefit from Deposit Unlock.
- If we believe that you may benefit from the scheme, we will issue you with a confirmation letter, which allows you to apply for a mortgage under Deposit Unlock, subject to the lender’s own criteria.
- We do not offer mortgage advice. We recommend that you speak with an Independent Financial Adviser to help discuss your individual circumstances. Deposit Unlock is backed by a mortgage indemnity insurance paid in part by Cala Homes. The insurance covers the lender from loss as a result of default, but your obligations to the lender remain unchanged.
- Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it.
