Richmond's mortgage specialists Greenacre Financial Services have welcomed the news that key high street lenders said they will offer mortgages on ultra-low 5% deposits.

In a boost for homebuyers, banks including Lloyds, NatWest, Santander, Barclays and HSBC UK, as well as Virgin Money, all signed up.

The more lenders that come to market, the more availability there will be for buyers, Greenacre says.

Managing director Greg Stanworth said: "Many low-deposit mortgages disappeared from the market in the early days of the pandemic, as lenders became concerned about the potential for these borrowers to end up in negative equity if house prices were to fall in the tough economy.

"However, in recent months, house prices have been hitting record highs and lenders' confidence is also showing signs of returning."

A government-backed initiative will soon open to first-time buyers and current homeowners looking for a property for up to £600,000.

It will open for applications later this month and last until December 31 2022.

Visit Greenacre's website for expert advice on your mortgage.

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