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 (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.
The chancellor has also announced a new Mortgage Guarantee Scheme allowing lenders to offer 95% mortgages rates to home movers and first time buyers up to a price of £600,000.
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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We can also help your home purchase get underway by helping you to find the most suitable mortgage for your needs and circumstances and give you our expert advice on how to protect your property, income and family.
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Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.