So it begins…..
First Time Buyers need 5% deposit once more!
Accord are the first lender to re-enter the 95% lending space. The rate is 3.99% with a £999 fee. It’s not available for new build houses or Flats and only available to first time buyers.
It’s good news for those who have spent these last few lockdowns savings hard to build their deposit up and although Accord are not actually using the Governments Guarantee scheme to back this particular product, plenty of other lenders have signed up to this so more 5% deposit products are on the way.
Expect the lenders to be tough on credit scoring, check your credit file if you can and make sure your existing credit is correctly recorded and you have signed up for the voters roll to help your score.
If you are planning to buy soon it’s a good idea to contact your broker early so you can find out if you would qualify for these new 95% mortgages or what you need to do to put yourself in the best position in the future.
Your home may be repossessed if you do not keep up with your mortgage payments