23 Nov 2020

90% mortgages return as Covid-19 fears ease

90% mortgages return as Covid-19 fears ease

Mortgages of up to 90% are being made more widely-available the first time since the national lockdown in March.

Accord Mortgages has announced that 90% loan-to-value deals have been added to its core range once more.

For the first time since the pandemic began, the range will include deals for first-time buyers, home movers and people looking to remortgage.

The lender's 90% deals are among the 15,000 mortgage products you can access through Aberdein Considine's independent mortgage service.

Jeremy Duncombe, of Accord Mortgages, said the lender has taken steps to manage the anticipated volume and will be offering the products for the "foreseeable future".

Why did 90% and 95% mortgages disappear?

Amid the economic uncertainly cause by Covid-19, lenders withdrew higher loan-to-value mortgages, which are viewed as being higher risk.

Many were concerned that financially-strapped buyers wouldn't be able to afford payments or that a crash in house prices could leave them in negative equity.

However, the property market has remained buoyant since re-opening, prices have held up and a combination of the furlough scheme and Covid-19 vaccinations have put to rest fears of mass unemployment.

Accord's return to the 90% market shows that confidence is returning and other lenders could follow suit in the new year.

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