Nottingham increases 95% loan-to-value mortgage to £500,000
Nottingham for Intermediaries has almost doubled the maximum loan size it offers to borrowers taking its 95 percent mortgages.
The building society has increased the loan size to £500,000 – up considerably from the previous limit of £275,000.
In 2018, 70 percent of applications to the society's 95 percent products were made by first-time buyers and the maximum loan size was restricted many borrowers would have applied to other lenders.
Aaron Strutt, product director at Trinity Financial, says: “Many of the lenders have come back into the 95% loan-to-value market and they are providing larger mortgage loans. Our brokers have access to a range of lenders offering £500,000+ mortgages if you have a smaller deposit.
“If you are planning to apply for a higher loan-to-value mortgage, you will typically need a good a credit score and a clean credit history.”
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