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Tag: mortgages

Nationwide offers 90% mortgages to first-time buyers

Nationwide offers 90% mortgages to first-time buyers

Business
The Nationwide will lower the minimum deposit it requires from first-time buyers to 10% from 20 July.The UK's largest building society had restricted its mortgages in June in response to the coronavirus crisis.But Henry Jordan, director of mortgages, said "we feel it is the right time to enhance our lending".It follows the government's announcement of a temporary stamp duty holiday for people in England and Northern Ireland.Homebuyers will pay no stamp duty on the first £500,000 of their purchase under the tax break, which will last until 31 March.Amid signs that the UK housing market is picking up, the Nationwide will offer an unlimited number of 90% loan-to-value mortgages to first-time buyers.Since June, only customers with 15% deposit had been able to...
Northern Rock: US firm 'misled' UK government on mortgages

Northern Rock: US firm 'misled' UK government on mortgages

Business
Media playback is unsupported on your device A US private equity company has been accused of misleading the government about the biggest sale of state assets in UK history.BBC Panorama has discovered Cerberus told the government it was planning to offer homeowners better mortgage deals before its £13bn purchase of former Northern Rock mortgages in 2016.But the company hasn't provided any new mortgages and 65,000 homeowners are still trapped on high interest rates.Cerberus denies the allegation.Many of the homeowners are mortgage prisoners, who cannot shop around for a better deal because their loans are too large or their credit rating has been damaged.TrapLisa and Mark Elkins have to pay £2,500 a month on their mortgage because th...