The Government’s Stamp Duty Holiday announcement has undoubtedly awakened the market up, but we are still severely lacking high loan to value mortgages. There are some meagre rates on offer, but with only the odd exception, you will need a 15% deposit as things stand. New builds are ok with 5% deposit from you own funds, topped up to 25% with the Government Help-to-Buy Equity Loan.
If you would prefer to watch our moneymanTV YouTube video on the current mortgage market (16th July 2020), feel free to do so. We always keep our audience up to speed with the current mortgage market, so we decided to cover most of them on our channel to explain the basics and predictions for the market. We have a full dedicated playlist on our channel so make sure to check it out here.
Some Lenders are drifting in and out of 90% loan to value, but we need the “big banks” to play ball before the market can return to ‘normal’. They are struggling to get people back into the office and get back to full capacity but are also concerned at job loss data, and they don’t want to have to repossess any customers who might end up in negative equity. These are the things holding them back.
Demand continues to outweigh supply in terms of residential property, so there has been nothing dramatic happening yet on house prices. We are seeing multiple people going for the same house, so it is vital you get an Agreement in Principle before making an offer.
In any case, this scheme ends in March next year, and if you already have the 10%, it’s handy to know that if you continue to save up and turn that into a 15% it leads to as meaningless future interest. However, the 90% LTV are still available but only for a short period.
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