Barclays have recently raised the maximum loan-to-value on new-build homes from 90% to 95%. This means eligible buyers may now be able to purchase a qualifying new-build home with just a 5% deposit, with a maximum house value of £600,000.
Who does the 95% LTV mortgage rate benefit?
Whilst this is great news for all people looking to purchase a new-build home, it’s a particular benefit for first-time buyers, as a smaller deposit can significantly reduce the amount you need to save in advance of purchasing your home.
With the increased LTV rates, it means for a £300,000 new-build house, that is a £15,000 deposit and a £285,000 mortgage. A higher LTV can reduce the time it takes to save a deposit, although monthly repayments will usually be larger than with a bigger deposit.
But how can increased LTV rates be used at Shropshire Homes?
Our dedicated financial advisors are specialists in new build mortgages, and will be able to provide free advice on which scheme is the right one for you.
To benefit from our free financial advisors, and to take advantage of increased LTV mortgage rates, visit any of our developments or contact our Sales Team today!