Accord Mortgages has joined the Deposit Unlock scheme, allowing it to offer 95% LTV mortgages on new build properties.

The scheme, managed by the Home Builders Federation and insurer Gallagher Re, offers participating lenders insurance against repossession.

It provides a maximum borrowing limit of £600,000, with the loan-to-income calculation capped at 4.49.

The Deposit Unlock range offered by Accord start with a two-year fix at 3.99%, a five-year fix at 4.10% and, for a two-year discount, an initial rate of 3.10%.

All the products detailed above charge a £495 fee and come with £250 cashback and a free standard valuation.

It is open to all borrowers, not just first-time buyers.

Accord senior manager for new propositions Nicola Alvarez says: “ We’re really looking forward to helping borrowers with some of the smallest deposits purchase a new build house, who up until now we’ve only been able to support through Help to Buy.

With this scheme coming to a close, and limited choice for brokers and their clients currently in this market, we’re really pleased being part of the scheme will provide more options.

“Brokers do not need to do anything different; we’ve designed the application process to be as easy and simple as possible, which when combined with our common-sense approach to lending, underlines our ongoing support and commitment to the new build market.”