Nicholas Humphreys Estate Agent has spoken about how mortgage companies are now accepting smaller deposits.
According to the property and estate agency franchise, lenders have made the change despite the challenging conditions brought on by the pandemic. Now, more prospective property buyers are able to access loans and purchase their first home.
While mortgage providers previously asked for a high percentage of a property’s asking price upfront, they’re now more likely to accept deposits of 10 percent.
In the franchise’s recent blog post, it referred to a survey by the independent mortgage market monitor MoneyFacts. The research shows the number of 90 percent loan-to-value mortgages available increased by 29 percent in the first two weeks of February 2021 alone. And in January, 88 new products were launched, giving prospective buyers more flexibility in the loans they can access.
Although there are 277 mortgage products currently available, compared to 776 a year ago, the situation is brighter than in September, when the figure fell to just 44. Nicholas Humphreys reminded readers that the number of lenders offering 90 percent loan-to-value mortgages has also increased - by five since the 1st February, and by 15 since New Year’s Day.
Plus, there are more money-saving deals available for first-time buyers at the moment, such as the government-backed Help To Buy scheme. So, it seems as though things are looking up in the property world, as the number of mortgage products on the market gradually rises.
If you’re hoping to buy your first home or move house in the near future, why not browse Nicholas Humphreys’ website news section? It’s a great resource, full of up-to-date information about the estate agency industry.
Or, to find out more about the business’s franchise opportunity, take a look at its profile page, linked above.
Alice Tuffery, Point Franchise ©