The building society has announced it will be offering its 90% loan-to-value (LTV) mortgages for first-time buyers only, starting on Monday 20 July.
This combined with the stamp duty holiday recently announced by the government, will provide additional support and reassurance for First Time Buyers looking to get their first step on the property ladder.
There will be enhanced criteria for those looking to apply, including:
- Maximum term of 25 years
- Increased credit score cut offs
- No fully gifted deposits
- Houses only (no flats) – at least two-years old and excluding new build
- No applicants who are currently on furlough schemes
Nationwide withdrew from lending to first-time buyers last month when it withdrew its 90% and 95% LTV products from the market. The impact of Nationwide’s withdrawal from the market was significant, especially as it came at a time when many other lenders were pulling high LTV deals.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
E MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR