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Accord Mortgages, Platform, Atom Bank and TSB are the latest lenders to re-introduce 10% deposit mortgages boosting the number of low deposit options available to first-time buyers. 

Accord Mortgages is part of the Yorkshire Building Society, and it is the largest lender for months to give borrowers the option of taking a 10% deposit two-year fix, rather than a five, seven, or even ten-year fixes often close to 4% with high early repayment charges. 

More banks and building societies have started to offer 10% deposit mortgages, including Metro Bank and Virgin Money. Accord, Coventry Building Society and TSB have previously offered limited-edition deals sometimes available for a few days. 

Aaron Strutt, product director at Trinity Financial, says: “While it is good news there are more options for borrowers with smaller deposits; many borrowers are frustrated that the deals are so much more expensive than they were at the start of the year. If you can raise a 15% deposit, you will get access to significantly cheaper rates through many of the larger lenders. Hopefully, some of the other big banks like HSBC and Halifax will return to the 10% deposit market soon.” 

Accord’s lowest 10% deposit rate is 3.69%, and it is fixed until April 2023. Once the deal expires, it reverts to the lender’s 3.69% standard variable rate. The overall cost for comparison is 4.3% APRC representative, and there is a £995 arrangement fee. The maximum loan size is £500,000.  

For the moment there are no signs of 5% deposit mortgages being made available to borrowers despite Boris Johnson suggesting this may be an option over the coming months.

Call Trinity Financial on 020 7016 0790 to secure a low deposit mortgage or book a consultation  

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