• David Tarry MBA

95% Mortgages - Just Like Take That, Are They Back For Good?


Earlier this month, the people in charge of the country held a budget and announced they'd be guaranteeing 95% mortgages to enable first time buyers to get onto the housing ladder. Exciting, eh?!?


It quickly became apparent however, that they'd not discussed this with lenders and no one could let us know any further details...fancy that, eh?!


A few weeks further on, and whilst we still don't have any firm details, we'll apparently be told...soon...


Now, it sounds like good news and it probably is, but if the terms and conditions are really restrictive (for example, they might only lend the equivalent of, say, 3.5x income), then I can't really see much point, but hopefully, as I say, it'll all be great news...and I can more people realise their dream of owning their own home.


In the meantime though, there have been other 3 lenders who've decided to 'go it alone' and introduce 95% products independent of any government scheme...namely Accord, Bank of Ireland, and Skipton Building Society.


They're only offering 5 year fixed rates, but at around 4% or so, which in the marketplace today isn't too bad, so if you're looking to buy your first home, and have a 5% deposit, why not get in touch and discover if this might help you get on the ladder sooner than you'd thought?


Don't hang around though, I don't think they'll be here for long...

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