A leading high street lender will today (February 24th) open its doors to first-time buyers of new-build property for the first time since the start of the banking crisis, the Times reports.
Santander, the Spanish retail bank, will increase the maximum loan sizes for first-time buyers who want new apartments or houses.
The bank's latest move is designed to stimulate activity at the bottom end of the housing market .
As a consequence, the limit for first-time buyers of new apartments will rise from 70 per cent of the property's value to 80 per cent.
In addition, for those buying houses the limit will rise from 80 per cent to 90 per cent.
Stewart Basely, executive chairman of the Home Builders' Federation, explained that the decision by Santander is an indication lenders' confidence in new-build valuations was returning.
He told the newspaper: "This is potentially very significant. This addresses the issues of selling new-builds to first-time buyers and that is where the real issues have been."
Meanwhile, an industry expert recently stated that "times are definitely getting better" for mortgage borrowers .
Christina Jordan of lovemoney.com claimed increased competition in the mortgage market has helped to initiate price cuts.
Santander gives new hope to first-time-buyers
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Santander gives new hope to first-time-buyers
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