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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