First-time buyers have had a rough deal during the pandemic – first as mortgage deals for buyers with smaller deposits all but disappeared from the market, and later as surging buyer demand pushed up property prices.
Now, however, first-time buyers can see the first glimmer of hope on the horizon, with the number of 90% LTV mortgages – for buyers with a 10% deposit – almost doubling between 1 December 2020 (88) and 1 January 2021 (160).
While this number remains far below the number of 90% LTV products available in March (779), the figures are now at least going in the right direction.
Overall, product choice is on the up across the board, with products for those able to offer a 15% deposit also rising sharply.
Your home may be repossessed if you do not keep up repayments on your mortgage
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Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
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