First-time buyer mortgages return – with restrictions

There are tentative signs that first-time buyer mortgages are beginning to return, but borrowers are being hit by higher costs and more restrictions from banks. Figures published by industry analyst Defaqto show that ten new 90% mortgages have launched in the last three weeks, and small deposit customers now have a choice of 28 loans from providers including First Direct, HSBC, Metro Bank and Nationwide. But the lack of competition means that interest rates are significantly higher than those for customers with larger deposits.

The Daily Telegraph (05/08/2020)

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