How much deposit will I need for a mortgage and how long will it take to process?
Banks and building societies are still providing residential and buy-to-let mortgages and they have some great rates.
The lenders have made some significant temporary changes to their standard lending criteria because of the issues caused by coronavirus.
Trinity's brokers are still arranging lots of mortgages for clients who are purchasing properties or remortgaging but they need a deposit of at least 10% to qualify.
Aaron Strutt, product director at Trinity Financial, says: "The lenders are relying on system generated valuations to get mortgages through while valuers can't inspect properties and they also have a lot of staff working from home.
"We are still getting calls from borrowers planning to purchase properties or switch to better deals and speaking to lots of people living overseas. HSBC is the standout lender at the moment as it has a full range of products, while many of the others seem generous with their 15% and 20% deposit rates."
Here is a list of the larger lenders and their deposit requirements
| Mortgage lender | Deposit requirement | Average time to produce a mortgage offer via brokers |
| Barclays for Intermediaries | Applicants will need a 20% deposit. The maximum loan size is £2 million. | 10 days on receipt of a fully completed and packaged application |
| Bank of Ireland Bespoke | 15% deposit required | 10 working days via Bank of Ireland. The Bespoke team may quicker |
| Halifax for Intermediaries | 15% deposit required | No data available |
| HSBC for Intermediaries | Offering mortgages to borrowers providing they have 10% deposits | Official data not available. Trinity recently had a case offered in 10 days |
| Metro Bank for Intermediaries | 20% for residential and 25% for buy-to-let. Maximum loan £1.5 million for this with a 20% deposit | 10 days as standard but can be quicker |
| NatWest for Intermediaries | Offering purchase and remortgage rates providing you have a 20% deposit | 21 days for a property purchase and 17 days for a remortgage |
| Nationwide for Intermediaries | 25% deposit for purchases and remortgages | 15 days on average. Trinity's broker recently arranged a remortgage in three working days. |
| Santander for Intermediaries | Purchase and remortgage applications available to borrowers with a 25% deposit and the maximum loan is £500,000 | 13.5 days for residential and 14.9 for buy-to-let |
| Skipton for Intermediaries |
Skipton offering residential and buy-to-let mortgage lending up to 75% loan-to-value. |
11 working days |
| Virgin Money for Intermediaries |
The bank is only accepting purchase if you have a 35% deposit and remortgage applications if you have a 25% deposit. The maximum mortgage loan size is £500,000. |
12 days |
| Yorkshire Building Society |
Applicants will need a 25% deposit for purchase applications and a 15% deposit for remortgages. |
Official data not available |
Source: Trinity Financial
Call Trinity Financial on 020 7016 0790 to secure a mortgage
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