Stamp duty warning: Tax savings limited due to low number of mortgage deals – what to do

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    Charlotte concluded by analysing the difficult circumstances that first time buyers find themselves facing: “Unfortunately, for many others, buying a house is out of reach. Lots of first-time buyers face a significant challenge as many lenders have pulled their 95 percent and 90 percent Loan to Value (LTV) products.

    “This means in effect that the goal posts have been moved for these buyers as they now need to find a 15 percent to 20 percent deposit for their first home instead of just 10 percent or 5 percent prior to the pandemic.

    “Unfortunately, due to the poor economic sentiment at the moment lenders are being very cautious about affordability.

    “Whether the government could support lenders with government backed products for higher LTV deals and enable more first time buyers to enter the market remains to be seen.”



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