First-Time Buyers Get Boost with 99% LTV Mortgages and Innovative Schemes

First-Time Buyers Get Boost with 99% LTV Mortgages and Innovative Schemes

First time watchers in the UK are seeing more options to enter the business market, with several building societies offering high loan-to-value mortgages and innovative schemes. Yorkshire Building Society has launched a £5,000 deposit mortgage for first time watchers, with a maximum loan to value of 99%. This allows watchers to purchase a property with a small deposit, mitigating risks like negative equity and potentially securing better interest rates or a shorter loan term. Newcastle Building Society offers a similar deal, requiring only a £7,000 deposit for a £350,000 property, which is 98% of the property's value. Skipton Building Society's Track Record 100% Mortgage deal goes a step further, helping first time watchers without a deposit by assessing their eligibility based on rental history. Halifax offers a 5% deposit scheme for first time watchers, allowing purchases of new builds but excluding new build flats. The Family Boost scheme from Halifax enables family members to hold savings in trust for three years to help with a first time watcher's deposit. First time watchers can also purchase a property with a partner, friend, or family member who has previously owned property and still qualify for first time buyer deals. These innovative mortgage deals and schemes are making homeownership more accessible for first time watchers. However, it's crucial to consider the risks associated with high loan-to-value mortgages, such as increased potential for negative equity and higher variable rates. Always seek professional financial advice before making a decision.

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