The first lender to offer 95% loan-to-value mortgages since the start of the pandemic is launching a new deal.
Accord Mortgages has announced its new product will be exclusively available to first-time buyers and that they are not using the government’s mortgage guarantee scheme for this deal, which was announced in the Budget earlier this month.
And the good news is, as an independent mortgage broker, Co-Navigate can offer this deal to qualifying first-time buyers.
Along with the government’s scheme, introducing the 95% LTV mortgages helps first-time buyers get a foot on the property ladder.
What is a 95% LTV mortgage?
A mortgage described as 95% LTV means that the loan is 95% of a property’s price, or value. For example, if you were buying a house worth £200,000 with such a mortgage, you would put down £10,000 of your own money as a deposit and borrow the remaining £190,000.
When the first lockdown of the pandemic was announced almost a year ago, lenders withdrew 95% LTV mortgages. Prior to lockdown there were more than 390 of these mortgage deals available, according to data from Moneyfacts.
If you are a first-time buyer looking for a mortgage, then contact us for a consultation. Although based in Newcastle, we can meet you online no matter where you are, so get in touch today.