What is Deposit Unlock?

The Deposit Unlock scheme helps buyers purchase a new build home with a 5% deposit. It’s available on a wide range of UK new build properties across the country, including selected homes at The Quarry in Southeast London.

So, how does Deposit Unlock work?

A deposit of just 5% is required to buy a Deposit Unlock home. For example, a new build home costing £275,000 will require a deposit of £13,750, and a 95% mortgage of £261,250. Once you’ve viewed and reserved your chosen property at The Quarry, L&Q will issue a Loan Confirmation Letter. This will be passed onto your mortgage broker. The lender will record the unique Deposit Unlock ID and process your mortgage application under the scheme.


There are plenty of benefits when it comes to purchasing through the Deposit Unlock scheme:

  • You only need a 5% deposit, and a 95% mortgage.
  • It isn’t just available to first-time buyers; anyone can apply.
  • There’s no upper limit on household income.
  • You’ll benefit from an insurance-backed guarantee, providing access to competitive mortgage rates.
  • It’s available on new build properties, with no regional price cap restrictions.
  • It’s available on selected homes at The Quarry being delivered by Anderson and L&Q, one of the UK’s leading housing associations and developers.

Deposit Unlock: Frequently Asked Questions

How can I apply for the Deposit Unlock scheme?

To apply for the Deposit Unlock scheme at The Quarry, simply search for our available homes and contact the sales team at The Quarry. Once you have secured your new home, they’ll put you in touch with a specialist New Homes Mortgage Adviser, who’ll offer financial advice and support to arrange your Deposit Unlock mortgage.


Is Deposit Unlock for first-time buyers only?

No, Deposit Unlock is available to both first-time buyers and home movers – making the scheme accessible to all. What’s more, there’s no upper limit on household income.


Who’s eligible for Deposit Unlock?

Deposit Unlock scheme eligibility:

  • You must be either a first-time buyer or moving home.
  • You should have a minimum 5% deposit for the home you’re buying.
  • You must be buying an eligible new build home, not a pre-owned property.
  • You can only purchase the property from a developer or housing association, such as Anderson and L&Q’s joint venture at The Quarry. L&Q also offers other schemes to help people onto the ladder, including Shared Ownership.


How much can I borrow with Deposit Unlock?

Subject to mortgage lender approval, you can borrow up to 95% of the value of the property with a Deposit Unlock mortgage, on a new build property up to £833,250*.

*Details correct December 2023


Which lenders offer Deposit Unlock?

Deposit Unlock is currently available with participating bank lenders, including Nationwide Building Society, Accord Mortgages, and Newcastle Building Society.

For more information on available homes at The Quarry

Offer available on selected plots only. Subject to contract and status. Erith Hills LLP reserve the right to extend, reintroduce or amend any such offer at any time following the termination or withdrawal of an agreed sale. The scheme is available in the UK and on homes up to maximum mortgage of £750,000 on a home with a market value of up to £833,000. Customer’s minimum 5% deposit is required. The product is backed by a mortgage indemnity insurance to which Erith LLP make a financial contribution. The insurance covers the lender in the event of a loss as a result of repossession. The buyer’s obligations to the lender remain unchanged. This scheme may only be used in conjunction with another discount of incentive at the point of offer and reservation. Buyers are encouraged to seek independent financial advice.