Buying with Prospect
Making the move just got a little easier
Buying a home is the biggest purchase many of us will ever make and the process can feel daunting. However, we can provide several buying options to help making the move into a brand new home easier than you may think.
Buy a home with 5% deposit
Saving for a deposit might be the biggest hurdle to owning your dream home. Most lenders typically ask for a deposit of between 10% and 20%. But with Deposit Unlock, you could buy a home with just a 5% deposit. It makes the first step towards buying a home much more affordable. Find out if Deposit Unlock could help you buy your new Prospect home.
Why choose Deposit
Less waiting while you save
With less time spent saving for a deposit, you could move into a new Prospect home sooner than you thought. With your property search now over, you can start planning for your future.
You don’t have to be a first-time buyer
You can apply for Deposit Unlock whether you’re buying for the first time, or you already own a home. That’s good news if you’re selling but you don’t have enough equity for a big deposit.
You can access competitive mortgage rates
Deposit Unlock comes with an insurancebacked guarantee. Put simply, it means that we insure your mortgage – giving lenders the confidence to offer you a 95% mortgage at competitive rates.
You’ll own your home outright
With Deposit Unlock, you’ll be a freeholder, owning 100% of your home.
How it works
Step 1 – Check whether you qualify
Once you’ve found the Prospect home you want to buy and it’s available through Deposit Unlock, speak to an independent financial advisor to check if you qualify for the scheme. If you get the go-ahead, we’ll give you a Confirmation Letter so you can apply for a Deposit Unlock mortgage. At this point, we’ll also ask for a reservation fee to secure the home you want to buy.
Step 2 – Apply for a mortgage
Your independent financial advisor will help you apply for a 95% mortgage from a lender participating in the scheme. You’ll need to meet the lender’s own affordability criteria before the mortgage is accepted. If you’re selling your existing home, you’ll need to have it valued and on the market.
Step 3 – Instructing a solicitor
Once your mortgage is in place, you’ll need to instruct a solicitor to assist you with the purchase. They’ll carry out local searches and make legal enquires on your behalf. Make sure you keep in touch with your solicitor and us to ensure everything goes smoothly.
Step 4 – Moving in
You’ll be able to move into your new Prospect home once the sale has completed, and when your old home has sold if you had one.