Halifax boost new build mortgage market by lowering minimum deposit requirement

by Aaron Strutt

Aug 07 2017

Halifax for Intermediaries has lowered the minimum deposit borrowers require to qualify for its new-build mortgages.

The bank expects a minimum deposit of 15 per cent to access its new-build flat and new-build house mortgages rather than a 20 per cent deposit. As part of the improvement, Halifax has also introduced £500 cash back for its specific new build rates.

Lloyds Banking Group has committed to lend £10 billion to first-time buyers this year and these changes will help it meets the target.

Other lenders offering new-build mortgages

Most banks and building societies offer new build mortgages, although they typically require borrowers to put down different deposit sizes.

Skipton for Intermediaries provide some of the most generous loan-to-values for new build mortgages. It requires a minimum of 10 per cent to secure its new build rates. The society mortgage offers are valid for six months, and they can be extended by an extra six months if the build is delayed.

If you are purchasing a house or a flat and it has been built in the last two years and is still awaiting the first occupation, Leeds for Intermediaries has some generous criteria. For a new build house applicants will need a minimum deposit of 10 per cent and a 15 per cent deposit on a flat or apartment.

Call Trinity Financial on 020 7016 0709 to secure a new-build mortgage