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Guide to NewBuy mortgages



    The NewBuy scheme is aimed at first-time buyers and those who already own a home who only have funds for a 5 per cent to 10 per cent deposit on a newly built home in England.

    This guide tackles the pros and cons of the scheme, how to source the best deal and how to qualify for this type of mortgage.

    Answers supplied by Jayne Walters, press officer of the Council of Mortgage Lenders, and Andrew Baddeley-Chappell, head of mortgage strategy and policy on the NewBuy scheme for Nationwide.

    In this guide

      1. What loan-to-values are offered on NewBuy mortgages for those buying new-build properties?

      2. How much protection is offered to lenders offering NewBuy mortgages?

      3. What is the maximum property value that will qualify for the NewBuy guarantee?

      4. How have lending criteria been relaxed by participating lenders?

      5. How are the FSA’s requirements for providing advice different from other mortgage issuance?

      6. Which lenders will borrowers be able to choose from?

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