More of the biggest UK Mortgage lenders have indicated that they will be returning to 90 per cent Loan To Value mortgages from next week which is a huge help for first time buyers struggling to save a deposit.
Many lenders withdrew mortgage deals allowing a low deposit during the first lockdown as worries over the housing market’s response to the Coronavirus led to lenders becoming more tentative.
Another major high street bank has confirmed that it will be offering a range of two and five-year fixed rate options up to 35 year terms from next week.
Michelle Andrews, head of buying a home, says: “These mortgages build on our significant support for brokers and mortgage customers throughout 2020 and will be available across the board – for home purchases, first-time buyers and to those remortgaging – all up to a maximum of 35 years.”
“The new lockdown will undoubtedly present challenges, but the experience of overcoming numerous difficulties during the original lockdown, for example making more use of automated valuations, will be invaluable.
“We are all seeking a return to normal, although for many it will feel like we may not see that for a while. With us returning to the higher LTV space, hopefully that is a little bit of welcome normality.”
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