Those buying their first home in some parts of the midlands and the north of England will find more mortgage choice available than their peers in the south. Research from Moneyfacts.co.uk reveals there is now a postcode lottery for the number of mortgage deals available to first-time buyers at 90% loan-to-value (LTV) with those in the north west, midlands and Yorkshire potentially having more than twice the choice of those in the south.
There are now four lenders with 15 mortgages available for first-time buyers in England and Wales at 90% LTV that are available directly from the lender. This includes home purchase plans available from Al Rayan Bank. Those living in areas served by Cumberland Building Society, Darlington Building Society, Furness Building Society and Stafford Railway Building Society can also choose from an additional 17 mortgages available, totalling 32 available to those buying in these regions. So, more than double what is available nationwide to those in the south.
Buckinghamshire Building Society has just launched two 90% LTV first-time buyer mortgage available to those buying in Buckinghamshire only – in addition those that are existing customers or related to an existing customer of the building society (such as children, parents, grandparents and grandchildren) can benefit from a reduced interest rate.
Even with this new launch those living in the south of England will need more regional lenders to come forward to make the availability of 90% first-time buyer mortgages more equal between those buying in the north compared to the south.
