90% Loan-to-Value mortgage availability gives hope for first-time buyers

A spike of new mortgages on the market requiring 10% deposits in boosts first-time buyers to make the move onto the property ladder.

New data has shown that although rates for first-time buyers are less competitive than prior to February 2020, there are now signs the market is moving and recovering with new products requiring lower deposits becoming available than just a few months ago.

Most lenders retracted their products offering 90% loan-to-value during the past year as the pandemic caused problems that needed managing within the market.  This is now showing early signs of recovery.  Although the number of products available are not at the same level yet, there are still 277 this month – far exceeding the lowest point during the past year.

The number of 90% LTV (loan to value) products grew by 29 in just the first two weeks of this month. Great news for first-time buyers!

Even better than the products becoming more available they are also benefiting from incentives, such as cashback offers.

With the stamp duty holiday due to end, this may be bad news for some buyers, but for first-time buyers taking their first steps onto the property ladder, they may have an advantage if they are below the £300,000 tax threshold that is already in place.

To discuss your individual requirements please call us on 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk

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