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Some great news for first-time buyers, anyone looking to move home or re-mortgage, or anyone who wants to put down a 10% deposit or release the maximum possible equity from their home.
During Autumn of 2020, a couple of Lenders started lending up to 90% of the property value again, having spent the spring and summer of 2020 only lending up to 80% of a property value. While the initiative was a great success which led to a rejuvenation of the Scottish property market, these 90% mortgages were only available for first-time buyers.
However, since the start of 2021, more and more lenders have come to market offering mortgage deals up to 90% of a property value; and not just for first-time buyers. Home movers and those looking to re-mortgage can now benefit from some of lenders' 90% deals. This month (Jan 2021), there are currently 8 Lenders offering up to 90%, and we expect to see more lenders enter this market over the coming weeks and months.
Could we see the return of 95% mortgages soon? We asked that question to several lenders, and the consensus was, in the short term no. Still, if economic stability and recovery emerge, then it was something some lenders would look at, but that would be many months away in their view.
Still, this is fantastic news for those who can raise 10% as a deposit as this now offers you more options and choices. However, borrowing such a significant proportion of the property value may not be right for everyone. We take the time to understand you, your needs and your situation before making the most appropriate recommendation across the whole of the mortgage market.
As independent mortgage brokers, we access the whole market of lenders, and from time to time, we are offered exclusive deals. Despite lockdown, our brokers work from home and can help you over the phone and via video calls.
Click here to get in touch today to see how we can help you with your Mortgage and Insurance requirements.