95% Mortgages Are Back!
What’s the backstory?
The government announced today that it will support lenders in offering mortgages with a loan-to-value (LTV) of 95 percent, which are deals for those with a 5% deposit.
What is the significance of this?
Since Covid, many banks and lenders have withdrawn their low-deposit mortgage deals, which are regarded as the riskiest. This meant that many people who wanted those lower-deposit deals were temporarily locked out of purchasing their first home unless they could find more money.
So, can I now have a 95 percent mortgage?
We know that 95 percent mortgages for homes worth up to £600,000 will be available in April from a number of well-known lenders, including HSBC, Barclays, Lloyds, and Natwest, with Virgin Money joining later. They will also be available for all kinds of properties, not just new builds. However, each lender’s loan standards may vary, and your eligibility for these deals will be determined by your personal circumstances.
We are responsible for advising you on the most suitable mortgage for your circumstances. Whether you’re moving up the ladder, looking to downsize, purchasing another property or remortgaging, please get in touch; we have our finger on the pulse in this evolving environment and can assist you to navigate any challenges. We are qualified advisers with in-depth knowledge of the market and are able to look at a whole range of mortgage products. Getting a mortgage is one of the biggest financial decisions you will make, so it’s important to get it right.
Get a mortgage with Firco Mortgages today
- A top rated online mortgage broker
- Thousands of deals from over 90 lenders
- Straight forward online application process
- No waiting for appointments
- No paperwork
- Free ongoing mortgage monitoring
Firco Mortgages is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to firstname.lastname@example.org or call us on 0151 372 0388
The above article is purely for information purposes and does not constitute advice.
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