Barclays has lowered the deposit applicants need to qualify for its New Build house mortgages.
The bank has raised its maximum loan-to-value from 85% to 90% on New Build houses for loan sizes up to and including £500,000. For newly built flats and maisonettes, the current limit of 85% loan-to-value still applies.
Aaron Strutt, product director at Trinity Financial, says: “This is a significant change for Barclays as most of the lenders do not offer such generous mortgages if you’re purchasing a newly built house.
“Trinity has access to other major banks and building societies offering 90% loan-to-value (10% deposit) New Build mortgages through Leeds Building Society, Skipton Building Society and Clydesdale Bank.”
Mortgage offer extensions
NatWest for Intermediaries has also made it easier to extend its mortgage offer time from six months to 12 months on New Build properties.
It is worth remembering that applicants do not automatically qualify for mortgage offer extension after six months. They will need to pass new credit checks, affordability tests and the property is likely to be reinspected.
Call Trinity Financial on 020 7016 0790 to secure a New Build house mortgage