Estate Agent in Bolton Weighs In on New 100% Mortgage Lending Trends


Credit: The Bolton News

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New Era for Homeownership: Skipton Building Society Set to Offer 100% Mortgages in Bolton

Cardwells Estate Agents in Bolton anticipates a transformative shift in the local property landscape with the forthcoming introduction of 100 percent mortgages by Skipton Building Society. This pioneering initiative is poised to democratize homeownership, particularly targeting first-time buyers lacking substantial deposits. Andrew Cardwell, representing Cardwells Estate Agents, heralds this development as a positive stride towards materializing the elusive dream of property ownership for many individuals, especially those entrenched in the rental market. Despite the promise of accessibility, Cardwell emphasizes the importance of prudent decision-making and advises prospective homeowners to heed professional financial guidance, acknowledging potential risks inherent in such mortgage arrangements.

Navigating Opportunities and Risks: Insights from Cardwells Estate Agents

While awaiting full disclosure of the mortgage terms, preliminary information suggests a fixed-term arrangement, possibly spanning two years, with applicants mandated to demonstrate a rental payment history akin to mortgage repayments for up to two years. Stuart Haire, the chief executive of Skipton Building Society, echoes a sentiment of empowerment, expressing a desire to liberate individuals ensnared in rental cycles. The resurgence of 100 percent mortgages evokes memories of a pre-2008 lending landscape when major institutions like Lloyds and HSBC offered similar products. However, stringent post-crisis regulations prompted their withdrawal. Nevertheless, the resurgence of such mortgage offerings reflects growing concern within the government regarding the accessibility of homeownership, particularly for first-time buyers. With the imminent arrival of Skipton Building Society’s innovative mortgage scheme, the prospects of increased homeownership rates in Bolton appear promising, potentially aligning with governmental aspirations to bolster property ownership opportunities for all segments of society.

Read the full news article on The Bolton News here.

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