Struggling to get on the property ladder? With the Help to Buy scheme gone, many would-be buyers across Lancashire have been left wondering how they’ll ever save a big enough deposit. But there’s a new solution catching attention — it’s called New Build Boost from Gen H.
If you’re looking to buy a new-build home in Chorley, Worsley, Eccles or beyond, this scheme could be your way in.
What is Gen H’s New Build Boost?
New Build Boost is a new mortgage product that combines a traditional home loan with an interest-free equity loan, helping buyers purchase a new-build home with as little as a 5% deposit.
Here’s how it works:
- You provide a 5% deposit
- Gen H lends 80% of the property’s value via a standard mortgage
- They also offer a 15% interest-free equity loan, secured against the home
This means you only need a small deposit, but still benefit from the rates and affordability of an 80% loan-to-value mortgage.
Key Features:
- Own 100% of your home from day one — this isn’t shared ownership
- The equity loan is interest-free for the full mortgage term, not just the first 5 years
- The value of the equity loan is fixed for the first five years, offering stability
- You can repay the equity loan at any time, and repayments are capped so you won’t pay back more than double the original amount
Who Can Use It?
New Build Boost is available to:
- First-time buyers
- Existing homeowners looking to purchase a new-build home
It’s currently available on selected properties from housebuilders like Persimmon and Charles Church. The scheme is only available in England.
How Does it Compare to Help to Buy?
Help to Buy ended in 2023, and many buyers have been feeling its absence. But New Build Boost fills a similar role — with some improvements:
| Feature | Help to Buy | New Build Boost |
|---|---|---|
| Who it’s for | First-time buyers only | First-time buyers + existing owners |
| Deposit needed | 5% | 5% |
| Equity loan term | 5 years interest-free | Entire term interest-free |
| Repayment cap | Market value at time of repayment | Capped at 2x original loan |
| Ownership | Full ownership | Full ownership |
Why It Matters in Lancashire
Property prices across Chorley, Whittle-le-Woods, Worsley and Eccles remain strong, and demand for new-build homes is still high. But with cost of living pressures and high interest rates, saving a large deposit feels out of reach for many.
This is where New Build Boost can bridge the gap — and help more buyers secure their dream home with greater flexibility.
Final Thoughts from Clarke Residential
At Clarke Residential, we’ve seen first-hand how buyers can feel blocked by affordability. Anything that opens up new options and reduces upfront cost is a win in our book — and New Build Boost is one to watch.
Whether you’re just starting your property journey or thinking about a move to a new-build home in Lancashire, we can help you weigh up your options and connect you with mortgage advisors familiar with this scheme.
Ready to make your next move? Book a free valuation or chat with us about buying a new-build property today.
References:
- Zoopla. (2024). What is New Build Boost and how does it compare to Help to Buy?
- Gen H. (2024). New Build Boost Mortgage Product
This blog is intended for information purposes only and is not financial advice. Always speak to a qualified mortgage advisor before making decisions.
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