Nationwide offers 90% mortgages to first-time buyers
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...
