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Nationwide brings back 90% mortgages for first-time buyers to boost market

by POW! Showbiz
July 14, 2020
16 min read
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Nationwide brings back 90% mortgages for first-time buyers to boost market
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Back in June, Nationwide Building Society placed a 85% loan-to-value (LTV) on mortgage lending to new customers.

But now signs of the housing market increasing, the lender said its 90% mortgages is back for first-time buyers.

It comes after the Government announced a stamp duty holiday will last until March 31, 2021 just last week.

The news will essentially help those getting on or moving up the housing ladder as the fee has been axed for a temporary period.

Now Nationwide Building Society hopes to provide more support to those looking to buy their first home.



First-time buyers could get a mortgage with Nationwide
(Image: Getty Images/iStockphoto)
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However, it said there will be no set limit on the number of home loans available and there are some conditions.

Firstly, the property must be a house which is at least two years old with the maximum mortgage term for 25 years.

And applicants will be subject to enhanced credit scoring criteria to make sure the loan is affordable.

It comes as Nationwide’s figures suggest nearly four in five first-time buyers purchase a house or a bungalow, rather than a flat.



STOKE-ON-TRENT, ENGLAND - JUNE 23: A Nationwide sign is seen outside its store in Hanley on June 23, 2020 in Stoke-on-Trent, England. (Photo by Nathan Stirk/Getty Images)
Nationwide hopes to provide more support to those looking to buy their first home
(Image: Getty Images)
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However, the society does continue to offer mortgages on new-build homes through the Help to Buy scheme.

Nationwide also hopes the temporary stamp duty holiday will boost the housing market ahead of the holiday season.

It added the support, combined with a more active housing market, has helped Nationwide return to a higher LTV lending.

The bank’s 90% LTV mortgages for first-time buyers will be available direct from Nationwide via telephone, in branch and online, as well as through brokers.

Henry Jordan, director of mortgages at Nationwide Building Society, said: “First-time buyers are vital to breathing life into the housing market and economy.

“We understand one of the biggest barriers to home ownership is raising a deposit.

“While we will continue to monitor the market carefully, we feel it is the right time to enhance our lending, initially to those looking for their first home.

“We welcome the Government’s announcement on stamp duty and hope our combined changes create a positive impact on a market that, despite being in relatively good health, is still recovering.”

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Tags: boostbringsbuyersfirsttimelifelifestylelivingMarketmortgagesNationwideProperty

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