NewBuy launches today through JLT support

Jardine Lloyd Thompson Group plc through a joint initiative of a number of its operating companies: Lloyd & Partners Limited, JLT Specialty Limited and JLT insurance Management Ltd will manage the new mortgage indemnity scheme - NewBuy which has launched today. 

Set up jointly by the Home Builder federation and Council of Mortgage Lenders, the scheme will see mortgage risk for the lenders on new build homes underwritten by house builders and the Government.
 
Steven Rance, Partner, JLT, said:

"JLT sees NewBuy as an excellent proposition and is extremely pleased to be working with the Government, builders and lenders on this scheme which is open to all builders and lenders.

"Since the downturn in mortgage lending in the new build sector has been significantly constrained and the construction of new homes is at its lowest level for over a generation, this scheme will facilitate the building of new homes and greater mortgage availability for home buyers which in turn will create more jobs and support for the economy."

JLT has spent 3 years developing the legal framework, scheme structure, and systems for the scheme.

Nick Wild Managing Director of JLT Insurance Management  Limited said:

"We are delighted that JLT Guernsey have been able to play a key role in the success of NewBuy. We have assisted the HBF and the UK builders to establish a Protected Cell Insurance Company in Guernsey which will provide the insurance to the lenders under NewBuy as well as being the conduit for the Guarantee from HM Government. This is a very important development for JLT Guernsey and we are very proud of this appointment."

Stewart Baseley, Executive Chairman of the Home Builders Federation said:

"NewBuy will be vital for house builders large and small to build the homes and create the jobs and investment the country desperately needs. JLT has played an important role in helping to construct this scheme and we look forward to working with them to kick-start the housing construction sector."