Just Mortgages’ specialist new build division has secured access to the New Build Boost mortgage scheme from Gen H.
The scheme, which launched earlier this year in partnership with Persimmon Homes, is designed to help prospective homeowners struggling with deposit and affordability constraints.
New Build Boost offers borrowers the opportunity to purchase with just a 5% deposit, supported by a 15% interest-free equity loan. Unlike the government’s former Help to Buy scheme, the equity loan carries no interest for the full term and does not require mandatory repayments.
The deal means the mortgage product is now available via Just Mortgages’ 34-strong team of new build and shared ownership advisers across the UK.
John Doughty (pictured), chapter managing director at Just Mortgages, said: “Since its launch, New Build Boost has created considerable interest among budding home buyers, providing a tangible pathway for the many who don’t quite have all the deposit or where affordability is particularly stretched.
“It’s a great example of innovation from Gen H to increase access to the property market and we couldn’t be more proud to be able to offer it to clients through our specialist team of new build advisers.
“It’s certainly a massive win for Just Mortgages New Build & Shared Ownership and further cements our place, both as a trusted provider of quality advice, but also as the largest specialist new build team in the market.”
The addition of Just Mortgages to its distribution panel was welcomed by Gen H. Pete Dockar, chief commercial officer, said: “Just Mortgages are extremely well-established in the new build space, and the high quality service they provide makes them an excellent choice to carry and advise on New Build Boost.
“Making homeownership accessible requires not only the right financing options but the right partners, too – and with their clear expertise and footprint across the country, we have that with Just Mortgages.”
New Build Boost is available exclusively on homes built by Persimmon or its premium brand, Charles Church, and is intended to serve as a private-sector solution for those who missed out on Help to Buy.
By removing interest charges on the equity loan and removing repayment obligations, the scheme is designed to reduce financial pressure in the early years of homeownership.
