Good news for homebuyers as lenders return to 95% mortgages
06 July 2022
The change means new build homes can be purchased with a minimum deposit of 5%.
We all know that in the current market, the biggest hurdle when it comes to buying a new home can be saving up a deposit. Fortunately, select mortgage lenders are increasing the maximum loan to value (LTV) from 90% to 95%, on houses including new builds. This change is great news for first time buyers with a smaller deposit, as well as existing homeowners looking to move.
Depending on the lender, certain conditions may apply such as a maximum loan amount and higher deposits being required for new build flats.
The move to 95% mortgages is also being extended to shared ownership schemes on new builds (houses and flats), meaning those taking part in the shared ownership scheme could put down as little as 5% of their share.
For many buyers, this presents a life-changing opportunity to secure their dream home earlier than expected.
For more information and to find out if you can buy your perfect Charles Church home for as little as 5%, book an appointment with your local sales advisor today.
Find your nearest development here: https://www.charleschurch.com/find-your-new-home