04 Dec 2020

Halifax to offer 90% mortgages again from next week

Halifax to offer 90% mortgages again from next week

One of the UK's biggest mortgage lenders is to resume lending up to 90% of a property purchase price to first-time buyers.

Halifax is following Accord Mortgages in the returning to he higher loan-to-value market as fears over Covid-19 begin to ease.

However, Halifax said the products will not be applicable to new build properties or housing schemes.


The product has a maximum loan-to-income ratio set at times 4.49, and the maximum loan amount is £500,000.

Furthermore, the lender will be applying an enhanced credit score requirement for applicants.

As part of this, Halifax will deduct any credit card commitments as ongoing in its affordability calculation.

Halifax outlined that if an applicant needs to increase their LTV above 85% on an application that has already been submitted, then they will be subject to the new criteria.

Additional criteria and further details will be made available on 8 December.

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.

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