Santander increases mortgage availability
Homeowners investing in a bespoke conservatory in order to increase the attractiveness of their house to buyers may be interested in the latest announcement from Santander.
The Spanish bank has revealed that first-time buyers can now access mortgages of up to 90 per cent loan-to-value (LTV), halving the amount of deposit required on the previous 80 per cent LTV offerings.
However, the deal applies only to buyers of new builds, meaning that owners of existing properties may have to try a little harder to achieve a sale.
Your Mortgage editor Paula John suggested that the move could "only be good news" for the housing market.
"These do represent good value properties for first-time buyers [and are] of a type of property that first-time buyers want to go for," she said.
Ms John added that the increased availability of finance could help the new build section of the housing market.
The expert noted that competition is slowly returning to the industry and that this has been helped by house price rises and increased confidence among lenders.
Posted by Paul Steel
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