The 90% Mortgages on the Market Now
Written on 11 January 2021
Since it’s outbreak in the Spring, COVID-19 has affected many markets and sectors, one of those being the property and mortgage market. During the first lockdown, the property market came to an abrupt halt, with most lenders withdrawing their highest LTV (loan-to-value) mortgages. This left many first-time buyers unable to buy a home, due to simply not having enough deposit saved to borrow any less than 90% of the value of a property.
The good news is, there's now over 10 mainstream lenders offering 90% LTV products, all of which provide far more choice than back in summer 2020. It’s likely that more and more lenders will re-enter the market as time goes on, and rates may fall slightly as a result. Currently, two-, three- and five-year products are available and appropriate depending on your needs and circumstances.
It’s predicted that first-time buyers will be popular with lenders as we go into the new year, as they bring no chain to a property transaction so some price negotiation may be possible.
See below for a list of lenders that are now coming back on the market with 90% LTV mortgages:
Accord – FTB & NTB – Max Loan £600k
Aldermore – FTB & NTB
Barclays – FTB Only – includes NEW BUILD, JBSP and Flat (max loan £220K)
Coventry – FTB & NTB
Halifax – FTB Only
Metro Bank – FTB & NTB – (not available to those recently furloughed)
Nationwide – FTB & NTB – (employed applicants only)
NatWest – FTB & NTB
Platform – FTB, NTB and Remo applications
TSB – FTB & NTB
Virgin Money – FTB Only
If you need more information on what the current restrictions are regarding buying and selling during COVID-19, check out our guide or call us on 0330 433 2927
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.