Could This New Mortgage Help You Buy Your First Home?

Buying a first home can feel out of reach for some, particularly when it comes to saving for a deposit. However, a new mortgage proposition launched by lender Perenna could help make homeownership more accessible for buyers, including those buying for the first time, looking to purchase a brand new home.

The lender has introduced a new 95% loan-to-value mortgage product specifically designed for new build properties, offering greater flexibility around how a deposit can be funded.

Traditionally, buyers have been required to save a deposit themselves before securing a mortgage. Under this new proposition, buyers may now be able to proceed with a purchase using:

• A 5% builder-paid deposit
• A 5% gifted deposit from a family member
• A 5% deposit raised through a personal loan
• Or, in some circumstances, without needing a personal cash deposit of their own

The launch of products like this could create new opportunities for first-time buyers, those returning to the housing market and customers who may have found saving a traditional deposit challenging.

Natalie Moore, Sales and Marketing Manager at Avari Homes, said: “For many people, the biggest challenge isn’t affording monthly mortgage payments, it’s saving a deposit while managing the rising cost of living. It’s encouraging to see lenders exploring new ways to support buyers and create more flexibility around homeownership. Products like this have the potential to open doors for customers who may previously have thought buying a home was out of reach.”

As with any mortgage product, eligibility criteria and affordability assessments will apply, and buyers should always seek independent financial advice before making any decisions.

If you’re considering purchasing a new home and would like to understand what options may be available to you, our sales team would be happy to help point you in the right direction and discuss the homes currently available at Millside Lakes.