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Halifax receives 1,000 NewBuy applications

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Halifax has passed the 1,000 mark for NewBuy applications, seven months after the lender launched its products as part of the scheme.


The bank launched its NewBuy range on April 16 and passed the 1,000 application milestone last week.

The government-backed scheme brings together lenders and house builders to offer buyers with small deposits mortgages on newly-built homes. Halifax said it had worked with 40 different builders in the last seven months as part of the scheme.

It said the majority of its applications had come from first-time buyers, with London and the South East accounting for nearly half the scheme’s total applications.

The lender said 30% of its applicants werelocated in the South East with a further 13% in Greater London. The biggest area for NewBuy applicants outside the South East was the North of England, where over 150 applications had been received.

East Anglia had seen the fewest applications, but Halifax confirmed that it had completed NewBuy mortgages in every English region.

Ian Wilson of Halifax Intermediaries commented: “Our commitment to NewBuy has been clear since the scheme launched, and receiving our 1000th application within six months is testament to that.

“We have processing teams dedicated to supporting these applications, and brokers can benefit from our fully automated system when placing business. We constantly review the range to ensure that we continue to lead the market when it comes to NewBuy.”

The Welsh government announced earlier this month that it is to launch a scheme based on NewBuy for properties in Wales. The similar My New Homes scheme already operates in Scotland.

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