Just got a phone call from P/TBS told that non first time house buyers will now need to have at least a 15% deposit only giving a LTV of less then 85% also if you are remortgaging or switching you need a LTV of less then 75%. First timers still only need the 10% deposit
Hadn’t heard that. You’d think they’d be trying to hang on to their customers seen as their rates are so uncompetitive.
Do they have any choice? They badly need to improve the quality of their loan book. That means customers must have a significant stake in the property to make them less likely to default.