House-hunters in the South Midlands can now buy a Davidsons Homes property with a five per cent deposit thanks to a new scheme. Buyers can take advantage of Deposit Unlock to secure a 95 per cent mortgage of up to £750,000 on a new-build house.

Davidsons Homes has signed up to the Deposit Unlock initiative, which has been created by the Home Builders Federation (HBF) to give first-time buyers and second-steppers the opportunity of purchasing with a smaller deposit.

“This is great news for prospective house buyers as it represents a chance for people to afford to buy the new home they have dreamed of but without having to save for years for a large deposit,” said Simon Tyler, Sales Director for Davidsons Homes South Midlands.

“Due to the lack of 95 per cent loan to value mortgages on the market, raising a deposit for a house remains the biggest hurdle for most would-be first-time buyers. While the Help to Buy scheme also provides the opportunity to purchase with a five per cent deposit, the regional price caps mean that not all first-time buyers are able to take advantage of it.

“Deposit Unlock will increase the range of new-build properties which can be purchased with a lower deposit, as well as assisting second-steppers who are not eligible for the Help to Buy scheme.

“We’re pleased to be part of this new initiative which will enable more people to achieve their dream of homeownership. We would encourage anyone who might benefit from Deposit Unlock to get in touch. Our fully trained staff will explain everything and walk people through the process which could see them buying their dream home much sooner than they thought.”

Davidsons Homes is currently building new homes at The Wheatfields development in Hanslope, near Milton Keynes, Woodlands Rest in Meppershall, Bedfordshire, Davidsons at Houlton in Rugby, Sanders Fields in Rushden, Northamptonshire, and Lubenham View in Market Harborough, Leicestershire.