Good news for first time buyers!

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Following the reopening of the property market, mortgage lenders such as Nationwide changed their mortgage rates for first time buyers from as low as a 5% deposit to a 15% deposit. This came following the uncertainty of the market, which originally experts thought would create a negative effect on property prices, yet since then figures have shown an increase of 2.5% in June compared to June 2019, showing positivity for the market. Last week also created further positivity for those looking to move within the next year in England and Northern Ireland, as Stamp duty until the 31st of March 2020, is £0.00 for properties worth up to £500,000, rather than £125,000. For first time buyers there was a threshold of £300,000, but now like other property owners is £500,000. However, this week Nationwide released they are working on new deals which will be released from July the 20th whereby first-time buyers can lend up to 90% of the property price, meaning that you will only need a 10% deposit upfront. It must be noted that these offers, while not released yet, these currently will not be on new builds or flats, not have a mortgage term of longer than twenty-five years and not to those who are furloughed.  For further information on this please see click here: https://www.nationwide.co.uk/guides/news/all-news/2020/07/stamp-duty-holiday-and-90-ltv

READ MORE: https://www.halifax.co.uk/media-centre/house-price-index/

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