Deposit Unlock gains momentum as four new house builders go live with scheme opening up new build home ownership to thousands more low-deposit buyers

Deposit Unlock gains momentum as four new house builders go live with scheme opening up new build home ownership to thousands more low-deposit buyers 150 150 Haggie Partners

Gallagher Re, the global reinsurance broker, has today announced the expansion of Deposit Unlock – the innovative reinsurance-backed mortgage indemnity scheme that is successfully opening up the new build market to buyers with 5% deposits – after four more UK house builders went live with the scheme.

Wheeldon Homes, Mandale Homes, Edenstone and Devine Homes have now joined the 17 founder house builder members as industry backing of the scheme continues to rise, in a move that significantly expands the number of property developments where low-deposit buyers can take advantage of the scheme.

Developed by Gallagher Re in partnership with the Home Builders Federation (HBF), Homes for Scotland and leading house builders, Deposit Unlock addresses an ongoing gap in the mortgage market by effectively enabling the return of 95% loan-to-value lending products in the new build space. It is also fast establishing itself as the dominant scheme to replace sales in a post-Help to Buy market, with the government-backed shared equity solution being wound down for closure next year. Newcastle Building Society and Nationwide have already put their weight behind the initiative by launching new product ranges with over 20 additional lenders engaged with the scheme.

Steven Rance, managing partner of mortgage indemnity reinsurance at Gallagher Re, which now administers and manages the scheme, said: “Deposit Unlock is the direct result of the 17 founding house builders, HBF and Homes for Scotland coming together with us to develop a long-term, sustainable solution for the end of Help to Buy which will benefit the entire new build industry, along with lenders and home buyers. It is great to see our first additional tranche of house builders join this low-deposit new build scheme, which demonstrates wider industry backing for Deposit Unlock

“It is also another significant milestone for everyone involved in the scheme as we prepare for go-live with many more house builders and lenders throughout the course of 2022. We are proud to be playing our part in this fantastic example of cross-industry collaboration, which is addressing an important social challenge in a tangible way.”

David O’Leary, policy director at the HBF, added: “The creation of Deposit Unlock by HBF, Homes for Scotland and the 17 founding builders saw the home building industry taking a long-term view of the market and make an investment to help lenders deliver higher loan-to-value mortgages for their customers in the post-Help to Buy world. While the 17 builders had the vision to support the work from the outset, we all envisage this as a broader market solution so I am delighted that four more HBF members have joined the scheme and look forward to welcoming many more in the weeks and months ahead.”

For more information, please visit