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It is a 2020 thing, and also some are limiting it to first time buyers only.
Should recover next year when lenders all start being tempted back to 90%.
Halifax bringing back 90% is massive news, which will in turn bring the other major players like Natwest and Santander back.
One of the issues over the last 6 months is that there were so few lenders doing it, that they didn’t want to basically take all the month’s 90% business, completely overload their admin systems, and their property LTV/risk profile.
Sharing 80 lenders worth of 90% applications between 4 lenders is not a good situation.At higher loan sizes though, some lenders did increase the deposit requirements to 15% or 20% as you approached a purchase price of £1000000.
Also 90% rates are horrendous at the moment, compared to last year. Though if you do a remortgage after your property has gained in value, you may see significant LTV improvements.
If you go down this route, I’d look out for 90% no ERC tracker deals next year, as it will be worth your time remortgaging a year in after the bulk of your home improvements are done.
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Acliff
Lenders that are back to doing 90% LTVs are only doing them for up to 500k. Is this a 2020 thing? or has this been a thing in the past?
We’re thinking of changing our strategy moving out chain free, then looking for a fixer upper later on in thebyear.
We’ll want to do alot of the work in the first year so will need cash to do so, which would be made easier by getting a 90% LTV.