Halifax has confirmed that it will keep offering mortgages up to 95% loan-to-value (LTV) for first-time buyers (FTBs) and homemovers after the Government’s Mortgage Guarantee scheme ends on 30th June 2025.Â
There are no changes to criteria for loans above 90% LTV.
From 1st July, Halifax advised that the ‘Homebuyer Special’ scheme should not be selected on applications.
Loans above 90% LTV remain available for FTBs and homemovers purchasing their only residence.
A minimum 5% personal deposit is needed, and product fees cannot be added if the loan exceeds 95% LTV.
Applicants must not have an interest in any other properties, including second homes or buy to lets.
New build houses and bungalows are included but not flats.
The maximum purchase price is £600,000 and the maximum loan is £570,000.
No additional schemes such as shared equity, shared ownership or right to buy will be accepted.
An enhanced credit score is required, and a maximum 4.49x loan to income cap applies as part of the affordability assessment.
All current credit commitments will be deducted as ongoing in the affordability calculation, even if declared as ‘to be repaid’ at or before completion.
The loan must be affordable with these commitments remaining.
Lending into retirement is allowed, subject to normal criteria.
