Mortgages are a bit like seasons. They continually change.
Prior to the credit crunch of 2007/8, which now feels even longer ago under the weight of the last 12 months, the 90% mortgage (or 10% deposit mortgage, depending on how you look at it) was commonplace.
In fact, compared to recent years, those heady days where nobody batted an eyelid about ultra low deposit mortgages or the ‘self cert’ mortgage feel like a world away.
However, just as this winter will eventually turn to spring, the mortgage market is circling back to easy to access mortgages following some of the major lenders’ decision to reintroduce 90% mortgage deals once again.
Not only do some of the products now on offer include two and five-year fixed rates, but some will also be open to those looking at purchasing their next property, and not just those looking to get a 90% first time buyer mortgage.
Many lenders scrapped their 10% deposit mortgages when the first national lockdown hit last March, fearing huge backlogs associated with physical restrictions on carrying out property surveys. Now that lockdowns seem to have become part of ‘normal’ life, it would appear that lenders are once again comfortable with boosting mortgage availability.
So, if you’re looking to get a 90% mortgage, what should you do? The answer, broadly speaking, is nothing different from what you would usually do when contacting your mortgage broker in order to apply for a mortgage.
As a Guildford mortgage broker with comprehensive access to the UK’s best mortgage deals, we have sight of everything that’s available at any given time – including HSBC’s highly prized product range.
If you have a 10% deposit and are ready to apply for a mortgage – and don’t forget that you only have until spring to benefit from the stamp duty holiday – then our advice is to get in touch with the Complete Mortgages team on 01483 238280 or email us at firstname.lastname@example.org.
It’s also worth pointing out that despite a third lockdown, the number of mortgage applications is rapidly increasing. As a result, if you are hoping to take advantage of the stamp duty holiday and want to give yourself as much time as possible before the New Year property rush hits, then you should act sooner rather than later.
Don’t forget, Complete Mortgages specialises in a wide range of mortgages including buy to let mortgages, adverse credit mortgages, equity release mortgages and limited company buy to let mortgages, too.