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5% deposit to be announced in the budget
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walt46
11 Posts
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1
29/06/2021 - 1:28 pm

Hi,

I’m sure you are aware that the Government will be introducing 5% mortgages in the budget next week by protecting lenders of a lender was to default etc.

Would this apply to the adverse market too and if not, does it mean deposit requirements may be lower?

Also, I imagine there will be more competition amongst lenders so would this push mortgage rates down?

Thanks!

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Hayley@simplyadverse
161 Posts
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29/06/2021 - 1:28 pm

Morning,

At the moment we have literally have no idea as an industry and eagerly await the Government details next week.

Last time we had similar schemes it was lender specific who adopted the schemes and from memory not many of specialist lenders signed up, aside from the standard new build Help To Buy newly built property mortgages.

Fingers crossed though

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walt46
11 Posts
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29/06/2021 - 1:29 pm

Ok thanks! On a separate note, any specialist lenders that are accepting perm employment but that have only been in their job 3 months and out of work 9 Mo the prior to it? Thanks

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Hayley@simplyadverse
161 Posts
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29/06/2021 - 1:29 pm

There are a couple, but understandably many will not accept until you have been in the role longer.

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walt46
11 Posts
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29/06/2021 - 1:29 pm

Hi - do you know the details now behind the 5% government scheme ?

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Hayley@simplyadverse
161 Posts
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29/06/2021 - 1:30 pm

Currently it appears to be largely the high street lenders and those other lenders aiming at clients with clean credit.

Outside of the Help To Buy products we’ve not seen any of the adverse lenders approach this with vigour, which as you would see above was not really anticipated I’m afraid.

We are refreshing the website which will share some more detailed, updated information on this which will go live soon.

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