Back in August we reported that Nationwide would be restricting the amount of money first-time buyers (FTBs) could be gifted by their parents, or the Bank of Mum and Dad (BoMaD).
2020 is seemingly a year of U-turns, and recently, the lender changed their mind, deciding that deposits that are gifted from BoMaD to FTBs are allowed.
Arguably understandable back at the beginning to the coronavirus pandemic, most lenders withdrew their 10% deposit products due to instability in the market as a result of lockdown.
Now however there seems to be another sting in the tail as more financial institutions ‘re-instate’ their 90% LTV products, but with a higher interest rate than those available earlier in the year.
It’ll be interesting to see how the lender landscape shakes up as the Brexit deadline continues to draw closer.
