90% Mortgages are returning to certain lenders
90% Loan to Value Mortgages are starting to make a reappearance after being dropped by many banks during the pandemic. If you only have a small deposit, these mortgages only require a 10% deposit and this can make them more affordable for first time buyers especially.
If you are just starting to look for a new mortgage, the market is certainly looking more interesting as several lenders, including high street banks have reopened applications for their 90% mortgages over the last few weeks.
Whilst it is a positive sign that the housing market is recovering after the recent crisis, these offers aren’t available everywhere. Your local financial adviser is the best place to start to get independent advice.
Describing the developments as “great news”, Flagstone’s Managing Director, John Lineham went on to say
after months of very little choice for first time buyers requiring 90% mortgages a number of major lenders have exciting new products at 90%. This is a great boost for first time buyers and Mortgage Brokers !
Getting your foot on the first rung of the housing ladder is no small achievement in todays financial climate. Mortgage providers offering 10% deposit mortgages can really help if you are a first time buyer, or if you need to upsize your current home.