10% Deposits Making A Comeback?! A Birmingham Agents Thoughts

January 8th, 2021

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Incredible news for First Time Buyers, HSBC are re-introducing its 90% Loan To Value Mortgages from next week, week commencing 12th January, a possible lifeline for buyers struggling to get the right amount of deposit together.\r\n\r\nSo many Mortgage Lenders withdrew low-deposit mortgage deals last year, as worries over the housing market’s response to the Coronavirus led to lenders becoming more cautious. The Yorkshire Building Society and TSB have made tentative moves back towards low-deposit mortgages, but HSBC is seen as a symbolic ‘big player’ making such a move.\r\n\r\nHSBC UK has confirmed that it will offer a range of two and five-year fixed rate options, up to 35 year terms. Mortgage rates will be announced on January 12th.\r\n\r\n

Michelle Andrews, HSBC UK’s head of buying a home says: “These mortgages build on our significant support for brokers and mortgage customers throughout 2020 and will be available across the board – for home purchases, first-time buyers and to those re-mortgaging – all up to a maximum of 35 years. The new lockdown will undoubtedly present challenges, but the experience of overcoming numerous difficulties during the original lockdown, for example making more use of automated valuations, will be invaluable. We are all seeking a return to normal, although for many it will feel like we may not see that for a while. With us returning to the higher LTV space, hopefully that is a little bit of welcome normality.”\r\n\r\nThis is yet more positive news the Housing Market is NOT, as some would want, crashing. Instead, the market is strong with many buyers still aiming to beat the Stamp Duty Holiday deadline of 31st March or simply just looking to get onto the ladder.\r\n\r\nContact me today and I can put you in touch with Mortgage Brokers who can shop a wide market for the best rates and products. In addition, get a free valuation on your home whether it be in person or via a virtual method.\r\n\r\n”,
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