Mortgage Support has been changed
The UK’s five largest banks have agreed to support a new government scheme that aims to help first-time home buyers by offering mortgages to those with small deposits. According to the decision taken by the 5 largest banks in the UK, the support rate in the mortgage will be increased to 95%. People who will buy housing for the first time will benefit from this decision first. However, it is on the agenda that existing borrowers will also benefit from this decision.
The UK’s 5 Biggest Banks
- Lloyds Banking
- NatWest Group
- HSBC UK
This decision taken by these 5 banks mentioned above regarding mortgage may affect other banks as well. Because mortgage is a type of loan needed by those who want to own a house. Every year, hundreds of thousands of people acquire housing by borrowing loans. Therefore, the number of customers of these 5 banks will increase and the sales in the construction sector will increase. The mobilization of the construction sector means an increase in the business of both suppliers and companies in the sector such as furniture, white goods and textiles.