Atom said the reintroduced products would be available for homeowners and first-time buyers while Yorkshire’s would be on offer to these borrowers along with remortgagers too.
David Castling, director of intermediary lending at Atom, said the bank was continuously evaluating the mortgage market and it felt now was the right time to return with its 90% LTV support.
“The world is a different place in light of Coivd-19”, he added, “and we need to make sure we can give customers choice whilst also lending responsibly. Given the ever-evolving landscape, we have taken the decision to reintroduce these products.”
Yorskhire’s return to this market comes after its intermediary arm, Accord, had begun to offer 90% LTV deals once again following a series of limited edition offers in this market.
Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “We know it’s been a really tough few months for borrowers with smaller deposits but hope returning 90% LTV mortgages to our core range will provide a welcome boost to people wanting to get on to, or move up, the property ladder.
“We’ve consciously designed the new range to include something for homebuyers, movers and people remortgaging to make sure our options meet the varying needs of those borrowing more money against the value of their house.”
Details of the deals
Atom said it had revised its range and it would now be offering selected five-year products on 90% LTV.
These included a no-fee first-time buyer option with an initial rate of 3.81%, free standard valuation and £500 cashback, and two purchase products priced at an initial rate of 3.76% with fees subject to loan size: £900 for loans below £350,000 and £1200 for loans above £350,000.
Meanwhile Yorkshire Building Society’s newly-launched 90% loan-to-value (LTV) deals include a two-year fixed rate at 3.69% with a £995 product fee for home purchases and remortgages. There is also a five-year fixed rate deal starting at 3.79% with a £995 product fee for home purchases and remortgages
All house purchase mortgages come with a free standard valuation, and those looking to remortgage can also benefit from paid legal fees.
