Lloyds Banking Group is to offer 90 per cent LTV mortgages on new-build houses, increasing its maximum LTV on this type of property from a previous cap of 80 per cent.
The products are only available through Halifax Intermediaries and on houses built by developers Barratts, Persimmon Homes and Taylor Wimpey.
A spokesman for Halifax says: “We have introduced some products available for new build purchases where the maximum LTV is now aligned with our core range.
“This does not apply to all new build lending and is only available through selected housebuilders. This move recognises changes in the new build market and will allow us to support those unable to meet larger deposit requirements.”
Lloyds group’s maximum LTV for new-build flats remains at 80 per cent.
Countrywide financial services director Nigel Stockton says the move is a major breakthrough for borrowers, brokers and developers.
He says: “We should not underestimate the significance of this development. It is great news for first-time buyers and will give hope to home movers previously unable to access mortgage funding for new-build houses.”