Hopkins Homes signs up to Deposit Unlock

Hopkins Homes has signed up to the Deposit Unlock scheme to help customers secure their new home with just a 5% deposit.

We talk to Monika Hanlon, Group Sales & Marketing Director at Hopkins Homes, to find out more about the scheme and the reasons for signing up.

Why did Hopkins Homes choose to sign-up to Deposit Unlock?

Monika Hanlon, explains:

“As an industry, we’re making great strides to improve the energy and carbon efficiency of new homes. This is helping to ease the rising pressure on household budgets. But it’s not enough. With rising interest rates and the end of the Government’s ‘Help to Buy’ scheme, it can be a challenge to get a foothold in the property market or move to a higher value home.

“Buying a new home is one of the biggest financial commitments we can make, so I am delighted that Hopkins Homes is offering a variety of schemes to help our customers purchase their new home and enjoy the lifestyle that they deserve.”

How does Deposit Unlock work?

“If saving for a deposit is preventing potential buyers from taking their first step onto the property ladder or moving to their next home, ‘Deposit Unlock’ helps them purchase a new-build home with just a 5% deposit.

“The scheme is a cross-industry collaboration between housebuilders, lenders and the insurance industry to create a long-term solution that unlocks the availability of mortgages for new build homes at zero cost to the taxpayer.”

Monika continues: “The process is very straightforward. Once a customer is ready to reserve, we will provide them with a Confirmation Letter so that they can apply to a participating lender for a Deposit Unlock mortgage. There are excellent new-build specialist Independent Financial Advisers who can assist customers evaluate the best option for them and navigate the process.”

What are the benefits of Deposit Unlock?

“Deposit Unlock is similar to the ‘Help to Buy’ scheme, which ended on 31st March. However, unlike Help to Buy, customers don’t have to be first-time buyers (although they must only own one home at completion).

“The scheme offers participating mortgage lenders protection, so that they can lend to customers at 95%. It is available exclusively on selected new-build homes and gives customers access to competitively priced mortgage products up to £750,000. The scheme can be used for apartments and houses alike.”
What other schemes is Hopkins Homes offering?

“Our ‘MoveEasy’ scheme* takes away the stress of selling your existing home, by managing the sale of it, paying the agent fees** and liaising directly with the estate agents. It is a great way to save money, time and reduce the stress of moving. Customers can even stay in their old home until their new Hopkins home is ready to move into.”

Monika continued, “We are also offering a summer cash-back scheme**, where buyers can enjoy up to £20,000 towards their utility bills or mortgage payments.”

“All of our schemes are available on selected plots and developments, but there is a wide choice available, ensuring we have something for everyone.”

What is your view on the current economy?

“The past year has seen the Bank of England raise interest rates rapidly in an attempt to cool the inflation hitting our economy. Rising prices and rents, together with everyday living costs, are eating into savings and disposable incomes, impacting those saving for a new home deposit.

“It’s perhaps no surprise then, that with continued rises in mortgage rates, along with rising material and labour costs, the housing market is indeed getting tougher.“

“On the positive side however, the employment market seems to remain resilient and there are increasing volumes of finance options available.“

So, is there hope for new homeowners?

“Good independent financial advisors are an essential piece of the puzzle, but YES, with the schemes that we and other housebuilders have available to help people, I’m optimistic about the future of new home ownership.” concluded Monika.