NewBuy, an industry funded government backed mortgage indemnity scheme, allows buyers to secure their new build home with a 5% deposit.
Since its launch in March, the number of builders and lenders registering for NewBuy has steadily increased, with the fifth lender, Santander, launching its NewBuy product last month.
Stewart Baseley, executive chairman of the HBF, says: “It is still a challenging market but there are options for people looking to buy their own home. NewBuy, is really starting to take off and allows people to secure a home with a 5% deposit. In addition, many builders operate shared equity schemes that make buying more affordable.
“Reaching 600 NewBuy reservations in such a short time is a fantastic start and clearly demonstrates the customer need.
“Over the coming years NewBuy will make a real difference and help tens of thousands of people realise their ambitions of home ownership.
“In turn this will then help kick-start new home construction, creating economic growth and thousands of jobs across the country.”
At launch there were seven builders signed up, there are now 17.