90% Loan to Value Product Availability

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On Wednesday 6th October we will be launching some new products to further increase the availability of mortgages above 85% loan to value (LTV).

Homemover and first time buyer products are already available up to 90%, and to 95% on the Mortgage Guarantee ('Homebuyer Special') scheme.

Products up to 90% LTV will be launched for:

  • Remortgages - over 85% LTV available for like for like remortgages with no additional borrowing
  • Loans up to £750,000 - the maximum loan amount on products available up to 90% is being increased from £570,000 to £750,000
  • Shared Ownership - including New Build houses and flats will be allowed up to 90% LTV
  • Right to Buy - max LTV on scheme increased from 85% to 90%

For loans above 85% LTV an enhanced credit score requirement will be applied. Any current credit commitments will be deducted as ongoing even where declared as 'to be repaid' and a maximum 4.49x loan to income (LTI) cap will be applied as part of our affordability assessment (for loans over £500,000 and over 85% LTV a maximum 4x LTI applies).

The loan amount can be increased on applications started before Wednesday 6th October, whether at full application stage or Decision in Principle (DIP), if they now wish to select one of these new products and the above criteria would then be applied.

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at www.bankofengland.co.uk.

For independent information on mortgages, visit the website 'Money Advice Service'.

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