Slowly but surely lenders are coming back into the 90% market for mortgage lending.
Over the last year there have been very few lenders risking lending at 90%. Nationwide have been the most supportive for first time buyers and they have now opened up their 90% offering to help all borrowers.
We now have Platform, TSB, Virgin and Accord offering 90% products for first time buyers as well.
The big news is that Halifax are going to start offering 90% products from the 8th of December for first time buyers. As the largest lender in the UK this will make a huge difference as it takes the pressure off any other lenders who want to come back. I expect the result will see an increase in these lenders coming back to 90% lending by the end of the year.
Things are changing on a weekly basis and there are additional criteria restrictions attached to the new products so make sure you stay in touch with your broker and get revised affordability checks to fit the new products.
Merry Christmas!