Mortgage Talk has claimed to have completed the UK’s first NewBuy mortgage.

Mortgage Talk, part of the Mortgage Advice Bureau New Homes Network, has helped Henna Rai become the first borrower to take out a NewBuy mortgage.

Using a NewBuy mortgage from Nationwide she completed on a two-bedroom apartment in Peterborough, Cambridgeshire, built by Bovis Homes.

Lisa Burns-Kent, head of new homes sales at Mortgage Talk, said: “We’re delighted to have arranged the first NewBuy completion in the UK. It demonstrates not only our commitment to the scheme but also our ability to help borrowers to complete their purchase quickly.

“We’ve already seen huge levels of interest from potential borrowers and this deal is the first of many more. We have no doubt that NewBuy will be successful; it is a very useful product and has the potential to open up homeownership to thousands of people.”

David Ritchie, chief executive of Bovis Homes, added: “Higher deposits have undoubtedly hindered the market and this new 5% deposit requirement promises to give the market a major boost – especially as it is available to existing homeowners and first-time buyers alike.”