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Halifax hits 1,000 NewBuy applications

Halifax says it has hit the 1,000 mark for NewBuy applications seven months after it launched its product range for the Government backed scheme.

The scheme was first launched in March this year, initially with NatWest, Barclays and Nationwide.

Halifax joined the scheme with a range of 95 per cent LTV deals a month later on 16 April.

The lender says it has so far partnered with 40 builders so far, which it says is up to 10 time the number of some lenders

While the majority, some 76 per cent, of applications have come from first-time buyers, around a quarter have been received from homemovers.

The South East accounts for just under a third of the applications but properties have been purchased in each region across England.

Halifax Intermediaries head of sales Ian Wilson says, “We constantly review the range to ensure that we continue to lead the market when it comes to NewBuy.

“We have processing teams dedicated to supporting these applications, and brokers can benefit from our fully automated system when placing business.”

Home Builders Federation revealed at the beginning of November that over 2,000 people have now reserved new homes through the NewBuy scheme since its launch in March.

Initially when the NewBuy scheme was set the government pledged that it would provide some 100,000 new homes.

But in October the HBF admitted that only a quarter of this amount will be provided, with new housing minister Mark Prisk stating that the 100,000 new homes figure is not a target but the maximum liability the Government is willing to accept.

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