Accord brings back 10% deposit mortgages – for first-time buyers only
Accord Mortgages has re-entered the 10% deposit market with two products exclusively available to first-time buyers.
The lender withdrew from the low deposit mortgage market on 8th June, citing “unprecedented demand” after experiencing its two busiest days in its 17-year history.
The would-be borrower for its 10% deposit mortgages must have never owned a property or had a mortgage before. They can choose from a sub-3% five-year fix, which comes with a £495 fee and free valuation, or a zero-fee version at priced just over 3%. The maximum loan amount is £500,000.
Aaron Strutt, product director at Trinity Financial, says: “Over the last few weeks most of the lenders have pulled out of the 10% deposit market or limited the time their mortgages are available. Nationwide Building Society was offering 5% deposit mortgages, but the lender has just raised its deposit requirements so borrowers will need a 15% deposit to qualify for its rates.
“HSBC for Intermediaries has been offering the cheapest 10% deposit rates for a while, but it is not that simple to secure one of the rates. Trinity’s brokers have been logging onto the bank’s online system early in the morning to secure rates as they are being rationed, so it can take a couple to days to secure the funds.”
Saffron Building Society has launched a range of 5% deposit deals for first-time buyers for a limited time only. The lender has just announced the product launch, but it did not say how long the deals would remain available.
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