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Some banks are starting to offer 10% first-time buyer mortgages again 

Great news.

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The uncertainty of the pandemic through the housing market in a spin making it almost impossible for first-time buyers to get on the property ladder.

In the wake of the pandemic, lenders increased the required deposit over concerns that house prices could fall in the wake of the pandemic. There was also the threat of unemployment and economic crisis.

Now, some banks are bringing back their first-time buyer mortgages plus there’s a whole host of new deals and cash incentives – a sign of increased confidence in the market!

TSB along with the digital bank Atom and Yorkshire Building Society is launching a range of loans with as little as 10% deposits again. 

Lloyds, the UK’s biggest mortgage lender is reintroducing its 10% deposit mortgage deal, an option it pulled at the start of the pandemic. The loan must not exceed £500,000 and is only available to first-time buyers and new-builds are excluded. 

Stephen McKay/Geograph

Jasjyot Singh, the managing director of consumer and business banking at Lloyds Banking Group, said: “We are committed to helping people take their first step on to the property ladder and while there have been record levels of mortgage approvals over the past few months, raising a deposit is still hands-down the biggest challenge for first-time buyers. Higher LTVs (loans to value) means we can support more people ready to get a foot on the ladder.”

Nationwide Building Society is making 10% deposit loans available for existing mortgage customers looking to move as well as first-time buyers from the second week of December.

Yorkshire Building Society has relaunched its 10% deposit mortgages, aiming at first-time buyers and existing homeowners who want to remortgage or move.


Owned by the Co-op Bank, Nationwide and Platform plan to scrap restrictions on gifted deposits meanwhile Virgin Money have cut their rates. 

Despite new incentives, rates have increased dramatically. The average two-year fixed-rate (for a 90% mortgage) jumped from 2.05% in January to 3.55% in October, the Bank of England reports. 

TSB and Platform are offering five-year deals at 3.79%. however, TSB has a £995 fee and offers £500 cashback, whereas there is no fee for Platforms’ deal and there is a £1,000 cash back incentive.  

The government has also announced a new Help to Buy scheme, the Help to Buy: Equity Loan scheme which will cover 2021-2023 for first-time buyers interested in new-build homes. 

The house must be newly built and worth up to £600,000, you must have not owned any property previously and cannot sublet or rent it out.

The Equity Loan sees potential buyers receive up to 20% of the value of the new-build home from the government (40% in London), the homeowner is then required to pay at least a 5% deposit and arrange a mortgage of 25% or higher. 


New apartment development with huge gardens and outdoor space opening this year

Make sure you check these out!

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Square Gardens / Acer

Manchester is getting a stunning new apartment development this autumn, set in beautiful landscaped gardens.

Acer will be the first residential development to open at Square Gardens, located in the First Street area.

Monthly rental for each apartment includes utility bills, super-fast wi-fi, use of all communal facilities and 24/7 security.

Square Gardens / Acer

You can grab a co-living apartment starting from £935 per month, studios from £1540 per month, and apartments from £2120 per month.

From one-bed apartments to studios and shared apartments, there will be 1,187 living spaces when it opens its doors.

It’ll be home to one of the city’s biggest communal outdoor spaces, with this ethos mirrored inside with several apartment spaces dedicated to co-living.

The community feel is also seen in the various lounge and social spaces, as well as co-working and meeting areas.

Square Gardens / Acer

Acer will boast a large, state-of-the-art gym on site, as well as media rooms, private kitchen and dining rooms to use, and regular resident and community events.

The development’s co-living apartments range from three to five bedrooms, all fully furnished with en-suite rooms, while there are also studio apartments and one-bed apartments – with separate bathrooms and open plan kitchen and living areas.

Head HERE to find out more.

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Plans for new tallest tower said to be ‘the landmark of Manchester’

Plans for the new tower will place it among Europe’s tallest high rises

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Anthony Parkes / Geograph & Salboy

Property developer Salboy is set to submit plans for a new tower which will be the tallest in the city among a cluster of skyscrapers.

If proposals are approved, the 241m (790ft) high Viadux 2 scheme is expected to take four years to build.

Salboy’s Managing Director, Simon Ismail, has said it is going to be ‘the landmark of Manchester’, the BBC reports.

Anthony Parkes / Geograph

Once completed, the new skyscraper will overtake Deansgate Square’s South Tower at 201m (695ft) high and dwarf the Beetham Tower at 169 m (554ft) high.

“We purposefully wanted to go for the tallest residential building in Europe… it’s a flagship building,” Mr Ismail told the BBC.

The Viadux 2 tower will hold around 800 apartments, providing homes for residents looking to live in Manchester, where housing is in great demand.

Mr Ismail said much of that demand for homes in the city was driven by ‘postgrads staying on, the largest student population in Europe, and a cost of living that’s half of that in London’.


Salboy says it has already provided about 4,000 homes in Manchester, and as long as there is ‘massive demand for homes, the firm will continue to build, Mr Ismail said.

The developer is also working on St Michael’s Tower with the former Manchester United footballer Gary Neville.

Manchester has seen a huge boom in skyscrapers over the last 10 years, with an ever evolving skyline.


Mr Ismail says he has ‘no idea’ how long the city’s skyscraper boom will continue, but that he never believed it when people had previously claimed ‘the bubble was going to burst’.

Adding: “When you look at what Manchester’s got behind it, it’s got too much backing it up, industrious people and a history of doing things right.”

Subject to approval, Salboy hopes to start work on the tower sometime this year.

Property developer Renaker has built a collection of skyscrapers at Great Jackson Street, along the southern border of the city centre.

Dunk / Flickr

The firm has also built towers at Colliers Yard in Salford and has started a scheme to build four skyscrapers at Trinity Islands, by the River Irwell.

Renaker has received more than £500m in loans from the Greater Manchester Housing Investment Fund – which was launched by George Osborne when he was chancellor of the exchequer in 2014.

The funding is loaned to developers by the Greater Manchester Combined Authority (GMCA) and is then paid back. The value of the loans has now reached £942.5m with more than 10,500 new homes being supported from it so far.

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New build-to-rent community launching in Manchester neighbourhood named ‘best up-and-coming place to live’

Some stunning properties on offer

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The Castings

A new build-to-rent community is launching in Piccadilly East, the city centre neighbourhood named one of the ‘best up-and-coming places to live in the UK’ by the Sunday Times.

The Castings will be a new creative hub, owned by the people behind the five-star Lowry Hotel, and situated behind Piccadilly Station.

Made up of studio, one, two and three bedroom apartments, the development on the cusp of the Northern Quarter and Ancoats will feature a host of amenities.

The Castings

This includes a new yoga room and gym, a games room, private dining spaces and a work hub. There will also be three food and beverage outlets on the ground floor.

Piccadilly East was named in the Sunday Times’ list of best places to live in 2020, located within walking distance from the bars and restaurants of Ancoats and the Piccadilly Basin.

Cloudwater and Track brewery taprooms, Diecast, Ducie Street Warehouse and the soon-to-open Co-op Live are all also nearby.

The Castings

As the name suggests, the 350 design-led apartments are inspired by the casting of metals, incorporating industrial shapes, flowing forms and molten textures.

On the imminent launch, The Castings community manager Dave Evans said: “In just a couple of months, we’ll be welcoming residents into our new community. The focus for The Castings has been to create much more than just apartments; it’s a whole new lifestyle, with the best service and living experience that Manchester has to offer.

“Piccadilly East is a really exciting area to be part of which already contains some of the most exciting venues within the city, it’s the next generation of Manchester, and following on from the footsteps of Ancoats we hope to continue to create the next bustling creative hub in the city.”

The Castings

The prices for the new scheme start from £1150 per month for a studio apartment, £1250 for a 1-bed apartment, £1525 per month for a 2-bed and £2175 for a 3-bed apartment.

You can book in for viewings now, with move-in dates from June. Register interest here.

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