News has broke that the Lenders are starting to offer 10% mortgage products again, this along with the Stamp Duty Holiday announced last week is great news, but how does it look in reality?
Nationwide are currently the only lender returning on Monday at 90% and after there publication of the product, the criteria is really strict for it:
As a responsible lender, enhanced criteria will apply to 90% LTV lending:
- Maximum term of 25 years
- Increased credit score cut offs
- No fully gifted deposits
- Houses only (no flats) - at least two-years old and excluding new build
- No applicants who are currently on furlough schemes
There is still Bank of Ireland and HSBC at 90% at the moment with Accord and Coventry Building Society coming in and out but no really change in there criteria just reduced affordability and stricter credit checking.
So whilst this is great news for people with limited equity in their property who are looking to change their home, for people on or just off Furlough and first time buyers who are requiring a gifted deposit, there are still very limited products available.
Activity in the housing market is still extremely busy, so although there are limited deals and products available to the mass market, its still great to see that the government and lenders are looking at housing seriously.
CHEAPEST 2YR FIXES (BASED ON £200,000 PROPERTY)
|Based on current lowest purchase rates, excl fees, over 25yr total term.|
If you are looking for a property, needing mortgage advise or just general property advice, then we are available anytime, along with our friends at Maroon Mortgages.
#localpeople #expertknowledge #nationalmarketing