22 July 2020

GOOD NEWS for First Time Buyers in North Notts

Low Deposit Mortgages Return

The property market has just received another boost with some lenders including Nationwide reintroducing 90% LTV (Loan to Value) mortgages for first-time buyers.

As Nationwide is Britain’s second-biggest lender, the decision is another piece of good news for property buyers here in North Nottinghamshire

Why are 90% LTV mortgages such a big deal?

For many first-time buyers, the most significant barrier to purchasing their own place is getting the deposit together.

With their 10% deposit requirement, 90% LTV mortgages are the most accessible option for those trying to get onto the property ladder.

So, when lenders pulled their 90% LTV deals in June this year due to uncertainty over the economy, first-time buyers felt the squeeze.

First-time buyers are a driving force in the housing market, responsible for more than a third of all sales (according to property portal Zoopla). But now good mortgage deals are back on the table, things are looking up.

Back on track – big-time

After months in the doldrums due to lockdown the housing market has now picking up speed again.

The recent mini-budget to introduce a stamp duty holiday on the first £500,000 of a property purchase saving buyers money and now first time buyer mortgages back on track should help even more.

The Perfect Time to Move in North Nottinghamshire

Crucially, it’s not just buyers who have returned to the property market. Sellers, many of whom were forced to sit tight during the lockdown, are now ready to move.

It’s estimated that lockdown prevented about 175,000 sellers across the UK bringing their property to market. Many of those are now making up for lost time.

With so many sellers keen to move after being held up by lockdown, the stamp duty holiday and the mortgage news now is the perfect time for first-time buyers to get onto the ladder.

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