Today, we have been informed by one of the very few remaining lenders in low deposit market that they are temporary withdrawing all 90% LTV mortgage deals.
Accord Mortgages stated that ‘’ Since re-entering the market in mid-May, we have seen higher than expected volumes of applications, so to manage demand and reduce impact to service, the current range will be withdrawn at 8pm tonight (Monday 8 June) for a limited period’’.
Similar story comes from Virgin Money who wrote ‘’ To protect the service for existing applications in our pipeline, we are making the difficult decision to temporarily withdraw 90% LTV products today.’’
Small number of 10% deposit applications is being processed by HSBC at the moment but brokers are reporting difficulties with booking relevant products and system crashes.
Going directly to some of the lenders is one of the options still available to homebuyers but we hear of long delays with booking telephone appointments and general availability of advice.
We are monitoring the situation very closely and are keeping in regular contact with all our clients affected by these changes.
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