Buyers can now apply for a Nationwide mortgage on a new build house with a 10% deposit.

The Ombudsman is calling for greater protection from poor quality new build housing.

The change could decrease the amount needed for a customer’s average new build deposit by £20,000.

The offer period has also been extended to nine months.

UTB will accept off-plan purchases and a maximum 5% new build incentive.

Mobeen Akram, new homes director at Mortgage Advice Bureau, explores why the new homes market is showing positive signs for 2024.

The product uses the completion incentive budget offered by the housebuilder to enable Virgin Money to provide a lower interest rate mortgage.

The changes will increase the mortgage borrowers could access by up to £13,000.