Gallagher Re expands mortgage indemnity scheme

Broker Gallagher Re has expanded Deposit Unlock, the reinsurance-backed mortgage indemnity scheme it developed in partnership with the Home Builders Federation, Homes for Scotland and a number of house builders. Four new house builders have joined the scheme. They are Wheeldon Homes, Mandale Homes, Edenstone and Devine Homes.

Steven Rance, managing partner of mortgage indemnity reinsurance at Gallagher Re, which now administers and manages the scheme, said: “Deposit Unlock is the direct result of the 17 founding house builders, HBF and Homes for Scotland coming together with us to develop a long-term, sustainable solution for the end of Help to Buy which will benefit the entire new build industry, along with lenders and home buyers.

“It is great to see our first additional tranche of house builders join this low-deposit new build scheme, which demonstrates wider industry backing for Deposit Unlock

“It is also another significant milestone for everyone involved in the scheme as we prepare for go-live with many more house builders and lenders throughout the course of 2022.”

David O’Leary, policy director at the HBF, added: “I am delighted that four more HBF members have joined the scheme and look forward to welcoming many more in the weeks and months ahead.”

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