You are here: Home - News -

Halifax widens access to new build mortgages

by:
  • 09/08/2017
  • 0
Halifax widens access to new build mortgages
Lloyds Banking Group is raising its loan-to-value (LTV) cap on new build mortgages bought through the Halifax.

Mortgages on all new build house and flat purchases will now be considered up to 85% LTV (previously 80%), while the maximum LTV available for those buying through a Shared Ownership scheme has also been increased.

Customers buying a new house or flat with a registered provider or housing association through a Shared Ownership scheme are now able to apply for up to 90% LTV (previously 80%).

A managed panel of builders and brokers will remain for borrowers who wish to apply for a standard 85%-95% LTV mortgage.

The changes will be introduced by Halifax tomorrow.

Lloyds Banking Group head of housing development Douglas Cochrane (pictured) said: “The new build sector continues to be central to the success of the UK housing market, and helping to provide greater choice and access to mortgage products is fundamental to supporting its longevity.

“Through Lloyds Banking Group’s Helping Britain Prosper plan we have committed to lending £10bn to first-time buyers this year, and the changes to our Shared Ownership lending policy will help us support this goal.”

He added that providing a broader range of options would help brokers meet more of their customers’ needs.

 

Realistic alternatives

Legal & General Mortgage Club new build manager Craig Hall added that the changes were a great boost to the new build lending market and welcome news for borrowers.

“Improvements like this are key to the growth of the sector and also shine the spotlight on Shared Ownership as a realistic alternative option for first-time buyers,” he said.

“A greater number of lenders willing to lend on Shared Ownership properties adds to the legitimacy of the tenure, and will help to increase the take up, meaning more first-time buyers are able to get on the property ladder in the long-run.”

The offers are expected to be available through direct channels for other Lloyds Banking Group brands.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
/IMG/930/301930/social-media-strategy.jpg
Clear remortgage strategy vital, but brokers failing to stick to one – poll result

Around 10% of brokers admit to having no clear remortgage strategy in place despite intermediaries acknowledging remortgage clients as being...

Close