Welcome to our Springtime Spread the Word! Brighter days are finally here, and with a bit of luck, the sunshine won’t be far behind. Spring is one of the most exciting times to think about selling up or making a move. So, if you’re dreaming of settling into a new home by late summer or early autumn, now’s the perfect moment to start your search and get your finances in great shape!
MORTGAGE NEWS
Santander releases 98% LTV mortgage for first-time buyers
Santander has brought out its My First Mortgage product, a five-year
fix at 98% loan to value (LTV) for first-time buyers.
The bank said the mortgage was designed to help aspiring homeowners get on the ladder sooner, with a fee-free product that has a rate of 5.19% and £250 cashback. It is available exclusively to first-time buyers through a mortgage broker or Santander adviser.
Santander said it was its first step towards helping more first-time buyers, after data from the lender showed that more than half of adults in the UK said raising a deposit was the biggest barrier to homeownership.
A deposit of £10,000 is needed for the mortgage, with maximum lending up to £500,000 on terms between five and 40 years. The maximum loan-to-income (LTI) multiple is 4.5 times salary. Santander will lend above 95% LTV and up to 98% against existing houses only, with options still available at 95% LTV for flats and new-build properties.
*Your home may be repossessed if you do not keep up repayments on your mortgage.
SOURCE: Mortgage Solutions
Mortgage Spotlight
Each month, we’re going to be looking at different scenarios when you might need a mortgage. This month, we kick off with Kieran and Sophie…
🔨 Kieran is Remortgaging to Improve His Home
Meet Kieran, he dreams of a new kitchen and an open-plan living space, but doesn't want to take out a separate loan. Instead, he uses his remortgage to raise the funds.
By reviewing his equity and current rate, he can:
✔️ Release money for renovations
✔️ Secure a competitive new mortgage deal
✔️ Keep monthly payments manageable
Whether it's a loft conversion, an extension, or just a fresh update to your home, remortgaging can be a smart way to finance it.
🔑 Shared Ownership Helps Sophie Get onto the Property Ladder
Sophie can't save enough to buy outright. However, a shared ownership home has changed everything. Through this scheme, she can:
✔️ Buy a 40% share of a new build
✔️ Pay rent on the remaining portion
✔️ Get a smaller mortgage with lower upfront costs
✔️ Plan to "staircase" and buy more shares later
Shared ownership can be a flexible, affordable path into your first home. If you want to learn how it works, we're here to help
third of active first-time buyers have deposit of at least 25%
Nearly one in three first-time buyers – 31% – who are actively seeking mortgages are looking for deals below 75% loan to value (LTV), suggesting they have deposits of at least 25%, a financial data firm found.
According to Moneyfacts, based on the average UK house price of £271,188, this would indicate savings of around £67,800. The firm said this suggested a notable group of first-time buyers were in a “favourable” financial position.
Based on activity on Moneyfactscompare.co.uk, 30% of first-time buyers are looking for 90% LTV mortgages and 12% are in need of options at 95% LTV. Moneyfacts said this suggested many first-time buyers were reliant on smaller deposits of 5-10%, equating to a deposit of around £13,560-21,120, based on the typical house price.
Moneyfacts noted that those with larger deposits would be better off, as borrowers with smaller deposits or less equity could be paying £174 more each month than their counterparts.
Further, its data showed that many homemovers preferred to have at least 25% in equity before moving, as 69% hit this threshold before moving. Some 16% of homemovers had 15% before buying their next home.
Source: Mortgage Solutions
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Protection news
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