The development is in line with the government’s recently announced NewBuy initiative, where first-time buyers need only a 5 per cent deposit rather than the expected 20 per cent for all new build properties.
Available on all versions of Mortgage Brain, the NewBuy product search facility currently applies to a number of UK lenders including NatWest, Nationwide and shortly Barclays with more expected to come on stream in due course.
Mark Lofthouse, chief executive of Mortgage Brain, said: “Our NewBuy guarantee filter will allow brokers to quickly and efficiently source mortgages that have been specifically created for first time buyers looking to purchase new build properties and want to take advantage of the low deposit requirement.
“All new MortgageBrain is the only sourcing system to offer this facility and by being able to identify these new products, brokers now have a greater choice and certainty of being able to quickly and efficiently source mortgages which best meet their client’s individual needs.
“We continue to invest millions of pounds in our products and services and our customers can look forward to further new capabilities being announced over the coming months and year.”