New Buy

What is NewBuy?

NewBuy is a government-backed scheme that allows buyers (not just first-time buyers) to buy a newly built home with a deposit of only 5% of the purchase price. This mortgage indemnity scheme was launched in March 2012 and is aimed at helping buyers with smaller deposits, many of whom have struggled to get a foot on the property ladder due to the difficulties in today's housing market.



  • To be eligible for the NewBuy scheme you must: buy a new home, which is defined as one being sold for the very first time. A number of requirements must also be met. These are:
  • The value of the home must be £500,000 or less
  • The home must be your main residence
  • The home must be fully owned by you (not for shared ownership or shared equity purchases)
  • The developer must be signed up to the scheme.


To qualify for the scheme you must either be a UK citizen or have the right to remain in the UK indefinitely. There is no level of income required, but note that you will be unable to use this scheme if you want to take part in the FirstBuy scheme, or other similar initiatives.

It is important to note that there are only a handful of mortgage lenders who are signed up to the scheme, so you should check the NewBuy website for more information. 

In England, NewBuy is available on all of the properties offered by the home buyers taking part in the initiative, provided they are up to a sale price of £500,000.

Related Case Studies

May 23rd
Our Conveyancing team completes on a transaction in Sale involving two sales valued at just under £1,000,000. “Thank you so much Nicola and Natalie for all your effort and support over the last 6 months and especially yesterday. You have been amazing, pu…
May 12th
Our Commercial Property Team recently successfully completed the purchase of a large industrial site in North Manchester on behalf of a local Civil Engineering firm. The team were presented with various challenges throughout the transaction, from timescal…