Specialist mortgage lender Perenna has become the latest lender to join the Deposit Unlock scheme to support first-time buyers onto the property ladder.

Perenna joins Nationwide, YBS Accord Mortgages, Bluestone Mortgages, and Newcastle Building Society who earlier joined the scheme.

Established by reinsurance broker Gallagher Re and the Home Builders Federation (HBF) in November 2021, Deposit Unlock allows first-time buyers and existing homeowners to purchase a new-build home with a 5% deposit at competitive interest rates. It aims to replace the government’s Help to Buy Mortgage Guarantee scheme.

Buyers using the scheme will be able to access Perenna’s flagship flexible long-term fixed rate mortgage products to purchase new build homes.

As part of this scheme, Perenna will also accept up to a 5% deposit contribution from developers who offer this incentive. This means customers could buy their new build home with zero deposit where the builder is contributing the full 5%.

It’s 90-95% LTV mortgages are priced from 5.92%.

Perenna founder and chief operating officer Colin Bell says: “We’re thrilled to announce our collaboration with Deposit Unlock, a partnership aimed at making homeownership more accessible to everyone.

“Affordability remains a struggle for many buyers and especially first-time buyers, and through this partnership and our consumer-friendly affordability boost mortgage we will help aspiring homeowners realise their dream of homeownership and living in the home they really want.”

“By enabling deposit contributions from developers, we’re opening doors to the possibility of zero deposits for some customers. This partnership is a winner for aspiring homeowners of new build homes.”

Gallagher Re head of UK mortgage Freddie Scarratt says: “Given recent history, Perenna’s long-term fixed rate offering is a great addition to the Deposit Unlock scheme, offering peace of mind on monthly payments to help borrowers achieve their homeownership dream”.