95% LTV mortgages - 5% deposit mortgages - 2021

[Deleted User]

'thorough'. Yeah that sounds about right. 

I depsise Aldermore. They never lend when it hits criteria. Its such a pot luck exercise when going to them.  Getting an approved mortgage seemed to depend on what side of bed the underwriter got out of.
Whats the point in having published criteria if every case just comes down to 'meh i dont like what i see....decline!'?

Rant over

mjane93

Looks like we are just three weeks away! Absolutely anxiously waiting for the scheme to go live. 

K_S

mjane93 said:

Looks like we are just three weeks away! Absolutely anxiously waiting for the scheme to go live. 

@mjane93 TSB is poised to come back to 95% from 7 April. Outside the mortgage guarantee scheme though.

Capri84

It’ll be interesting to see how many lenders sign up to the government scheme rather than just going it alone and joining the other 95% lenders that have reentered in recent weeks. 

From my understanding, they have to pay to be a part of the government scheme, so they are down on the deal regardless of defaults. 

[Deleted User]

Bank of Ireland launching a2 year fixed rate tomorrow. Rates not released yet

ts21

Coventry BS have added a 95% product at 3.89% https://www.ftadviser.com/mortgages/2021/03/29/coventry-latest-to-return-to-95-ltv-market/

chasingfreedom

I also just read that Danske bank released 95% mortgage yesterday. Not heard of them personally. Anyone know if ftb only?

getmore4less

ts21 said:

Coventry BS have added a 95% product at 3.89% https://www.ftadviser.com/mortgages/2021/03/29/coventry-latest-to-return-to-95-ltv-market/

5y  ERC 5% y1-2, 3% y3-4 1% y5
3.89% £999 fee
4.09% £0 fee
break even mortgage size for 5y term.

5	£203,328
10	£138,527
15	£125,338
20	£119,737
25	£116,684
30	£114,791
IO	£110,091

chasingfreedom

K_S said:

Now that we've had notification of the first 95% LTV mortgages coming back after a very long time, I thought it would be useful to keep a running tracker of lenders coming back into the market and any criteria highlights. Here is the link to the MSE page about the same https://www.moneysavingexpert.com/mortgages/new-mortgage-scheme-for-5-deposit/

I will do my best to keep this header post updated as lenders start releasing 95% products for standard purchases, whether that is through the mortgage guarantee scheme or not. Please note that I'm only including mortgages for standard purchases - no family assist, equity schemes, new-build only, regional schemes, etc.

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• Accord - from 17 March 2021 - Intermediary only, FTB only, up to 500k loan size, max LTI 4.49x, excludes new-builds/flats/NI, only one product announced : 3.99% 5-year fix, £995 fee, free val, not through the mortgage guarantee scheme

• Bank of Ireland - from 18 March 2021 - Intermediary only, available to FTBs and home-movers, 150-500k loan size, max LTI 4.49x, excludes all new-builds, only one product announced : 4.05% 5-year fix, no product fee, not through the mortgage guarantee scheme

• Skipton - fee-free 4.17% 5-year fix (standard purchases only, FTB only), fee-free 4.52% 5-year fix (available for shared ownership new-build flats and houses). Maximum LTI of 4.49x, maximum loan size of 450k 

• Aldermore - 2-year fix at 5.08%, 5-year fix at 5.28%, both with £999 product fee. Purchase only, available to FTBs and homemover. It *looks* like it's available for new-builds but I can't say for sure. Limited time only.
  

Hi K_S - Would you mind updating the list when you get some time?

Capri84

Skipton back to market today, but bit pricier

Next few weeks we should see what the ‘norm’ is going to be.