Boris Johnson’s conference promise leaves mortgage industry bemused and puzzled
Boris Johnson’s pledge to create 2 million new owner-occupiers with a new raft of 95% loans has left the mortgage industry bemused and puzzled as to how it can be achieved – with lenders describing it as little more than a revamped help-to-buy scheme.
In recent months low-deposit mortgages have virtually disappeared in Britain, as lenders have become fearful that house price falls could leave them exposed to big losses. Major lenders such as HSBC and Santander have mostly withdrawn from offering 90% and 95% mortgage loans, with first-time buyers struggling to qualify for a loan without putting down a 15% deposit.
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