UK NewBuy Scheme has first buyer

The UK property market has seen the first new home deal completed using the government backed NewBuy Scheme.

Experts hope this purchase is the first of many using the new 95 per cent mortgage scheme which has been introduced to help boost the chances of potential homebuyers struggling to join the UK property ladder.

The property in question is a two bedroom apartment built by Bovis Homes and the new owner secured the property in Cambridgeshire with a 95 per cent NewBuy mortgage from Nationwide.

Grant Shapps, government housing minister is delighted that just one month after its launch the scheme has helped someone onto the UK property ladder and he is confident that thousands of other potential homeowners will successfully join the scheme in the months ahead.

There are currently four lenders and nine builders involved in the scheme but negotiations continue with several other leading companies set to join in the coming weeks.