The new Government-backed 95% mortgage, which will be launched this month, has been hailed by one major national house builder as: "One of the most significant developments in the housing market for years."
NewBuy promises to open the door for both first time buyers and existing homeowners, providing a homebuying solution which requires just a 5% deposit and is available to UK citizens buying new-build properties priced up to £500,000 as their main home in England.
It is set to offer a huge boost for homebuyers who could use it on a wide selection of quality properties at Bovis Homes' new developments all over the country.
The Government is due to reveal more details of the scheme soon, following discussions with the major lenders who are set to support the scheme.
"We've had a huge level of interest already from homebuyers with hundreds registering with Bovis Homes and asking to be kept updated about NewBuy," said Kevin Wilkins, Bovis Homes Group Marketing Director. "That level of interest is building as the launch date gets closer and we have already arranged for buyers to meet our sales teams to discuss their housing needs and assess their suitability for NewBuy through an independent mortgage broker.
"There has been a lot of good news for homebuyers recently with the launch of the Government's FirstBuy shared equity scheme and our own extension of the stamp duty holiday until June 30," added Kevin. "NewBuy, with its low-deposit requirement and the fact it's available to existing homeowners as well as first-time buyers promises to make it one of the most significant developments in the housing market for years."
As the market hots up, Kevin is expecting more homebuyers in England to decide that now is the time to move.
"High deposits have been identified as a major factor in preventing people getting on and moving up the property ladder and the Government and housebuilders have acted positively to address this," he said. "With interest rates at historically low levels all types of buyers are coming back to the market, with first timers in particular realising that now it is cheaper to buy than to rent.
"The landscape has changed and I'd welcome homebuyers to come along to a Bovis Homes development to discuss their needs and view our quality contemporary homes built to traditional standards - with an industry-leading customer care programme in place to help buyers through the process."