Own New and Darlington Building Society have launched its 95% mortgage product for new builds.

The launch of 95% mortgages, which was announced in December last year, is aimed at people looking to purchase a new build home in Darlington Building Society’s operating area.

More than 60 homebuilders across the country have signed up to offer Own New as it expands nationwide.

Those already live across Darlington Building Society’s operating area include Barratt Homes, Persimmon, Bellway, Homes by Esh, Story Homes, Port Homes, Amethyst, Dere Street and David Wilson Homes.

Own New says it will help to fill the gap left by the closure of Help to Buy, enabling people to buy their first or next home if they have a low deposit.

Darlington Building Society is the first to launch a product with Own New with other lenders set to follow in the coming weeks.

Own New founder Eliot Darcy says: “I am delighted that Own New is now available in the mortgage market to help all kinds of homebuyers. I firmly believe that home ownership should be based on prospects, not parents. I made a promise to myself that I would try to fix this issue in the market and the launch of our first mortgage product is a momentous step towards achieving that aim.”

“Lenders can now offer better mortgages to people who don’t have a ‘bank of mum and dad’, as well as people who want to move home and need support with the next step.”

Darlington Building Society chief executive Andrew Craddock adds: “Darlington Building Society has partnered with Own New to enable local people to buy their new home, whilst supporting house builders across the North East and North Yorkshire.

“The launch of this mortgage is significant for homebuyers who would previously have benefited from the government’s Help to Buy scheme.”