From 26th April 2021, we will have access to an exciting new mortgage aimed at first time buyers which will allow them to borrow up to 5.5 times income on a mortgage.
Where this is really special and exciting is it goes all the way up to 90% loan-to-value i.e. just a 10% deposit.
The change means the lender could now provide a first-time buyer couple with a joint employed income of £50,000 a mortgage of £275,000, rather than the £225,000.
This offer is currently limited to “employed” applicants.
As with all mortgages; the 5.5 times mortgage should be discussed first with a professional mortgage advisory firm such as Niche Advice Limited to make sure it is affordable.
Key points:
- Available to applicants buying in England, Wales and Scotland.
- 90% loan-to-value i.e 10% deposit.
- First time buyer purchases.
- The applicants must live in the property i.e. residential.
- Employed applicants only.
- Missed payments on personal finance are not allowed.
- Foreign nationals living in the UK on Tier 1, Tier 2, Spousal and Ancestry Visas are considered but the minimum deposit from them is 25%.
- New build houses 85% loan-to-value | New build flats 75% loan-to-value.
- Flats are generally limited to a maximum of 4 storeys in the block.
Assessment of your eligibility will not be possible until the 26th April 2021.
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