Lenders boost LTV to 90% for new builds

Accord has recently announced it will offer 90% LTV mortgage products for new builds, excluding flats and properties in Northern Ireland. The return to the higher LTV space has been slow but steady for mortgages on previously built properties, however, many of these products have excluded new build homes.

Accord’s launch follows the newest iteration of the Help to Buy: Equity Loan scheme, which is only open to applications from first time buyers. As a result, offering 90% LTV lending will make it easier for this demographic to make use of the new scheme and save the required deposit more quickly.

The move has been well-received by the new build industry, with Adrian MacDiarmid, head of mortgage lender relations at Barratt Homes, commenting: “With Help to Buy now restricted to first-time buyers and by regional price caps, Accord’s move to support 90% LTV lending on new build houses is particularly welcome, and a testament to their continued support for the housing market generally.”

It is hopeful that this move from Accord will encourage more lenders to also enter the higher LTV lending spaces for new build properties.

Source: https://www.mortgagestrategy.co.uk/news/accord-brings-90-ltv-lending-to-new-builds/

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