Low deposit mortgages return
90% LTV mortgages are back! We are pleased to report that an increasing number of low deposit mortgages are available from lenders.
There are now four times as many mortgage products available for those homeowners with a 10% deposit compared to last summer, according to a report released by Moneyfacts. This is excellent news for first time buyers and those with lower levels of equity in their property.
Previously, the vast majority of lenders had required a 15% deposit in order to obtain a mortgage. A tall order for those making their first move on to the property ladder.
The lenders who are offering 90% LTV mortgages include:
Accord Aldermore Barclays Coventry BS Halifax HSBC Leeds BS Metro Bank Nationwide BS NatWest Nottingham BS Platform Santander TSB Virgin Money
Jeremy Lock, Head of Mortgage Development at Cooper Associates Mortgages, said:
“Many first time buyers will have postponed their dreams of home ownership as a result of the higher deposit requirements previously in place. Therefore it is very encouraging to see the increasing availability of mortgage products for those requiring 90% LTV lending. With major lenders such as Nationwide, Halifax, Santander and HSBC offering low deposit mortgages there is the potential for rates to reduce in the coming months as lenders compete for business.
We are a whole of market broker, so we can help you find the deal that’s right for you from the wide panel of lenders we work with.”
Cooper Associates Mortgages are here to assist you if you would like to discuss your mortgage requirements and discover what mortgage or remortgage products are available to you. We offer fee-free advice and can arrange telephone or video call appointments at a time to suit you. Should you wish to discuss your situation with one of our mortgage advisers please call 01823 273880 or complete an enquiry form and we will contact you as soon as possible.
