Welcome for 100 per cent mortgage deal

The decision by Mansfield Building Society to offer a mortgage with a 100 per cent loan-value (LTV) has been given a positive welcome by managing director at new buyer services firm FirstRungNow.com Helen Adams.

Ms Adams said: “I’m quite pleased to see that somebody is willing to give 100 per cent mortgages.”

She added that the likelihood is that the company will be “conservative” in who it decides to provide the mortgage deals to, but stated that the move was “welcome” nonetheless.

Looking forwards, Ms Adams expressed the hope that “other lenders will follow suit” and offer first-time buyers a wide range of mortgages at high loan-value levels.

Mansfield’s move is a limited one, as it is tied into a deal with the South Yorkshire Housing Association.

Under the terms of the deal, buyers can take a 60 per cent stake in their homes on a 100 per cent LTV, paying rent on the remainder.

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