Halifax and Virgin Money move back into the 90% mortgage market
Virgin Money has launched a first-time buyer mortgage, available up to 90 per cent of the property’s value.
The mortgage is available to buyers with a 10 per cent deposit and is fixed for five years at 3.69%. It comes with a fee of £995.
Halifax is also relaunching 90 per cent mortgages next week. The deals are only available to first-time buyers, or joint applicants where one is a first-time buyer.
The lender said that an enhanced credit score will be required to access the mortgages and the deals won’t be available on newly built homes.
The mortgages are also capped at 4.49 times income with maximum loans of £500,000.
Other lenders to have boosted their product range at 90% of the property’s value include TSB, Atom Bank and Platform, part of the Co-operative Bank.