New 100% LTV deal targets new-build buyers
Gable Mortgages has launched a 100% loan-to-value (LTV) mortgage tailored for first-time buyers, becoming the second lender within a week to roll out a no-deposit product.
The launch follows a similar move by April Mortgages, signalling a renewed appetite among lenders to serve buyers shut out of the market due to deposit barriers.
Gable Mortgages’ new 100% LTV mortgage is available on a five-year fixed rate deal and is restricted to buyers of new-build properties. The lender is partnering with developers and mortgage brokers to distribute the product.
Nicholas Mendes, a mortgage expert at broker firm John Charcol, noted that high rental costs are making it harder for aspiring homeowners to save for deposits, and that lenders appear to be responding to these financial pressures. “Starting with no equity means buyers are more vulnerable to house price movements,” Mendes warned. “If prices stagnate, it could impact their ability to move or remortgage.”
Elsewhere in the market, Gen H has extended its lending criteria, now offering up to 90% LTV on new-build houses and 85% on new-build flats. Meanwhile, Buckinghamshire Building Society has raised the LTV cap on its Credit Restore range from 70% to 75%.
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