Squirrel 95% mortgage passes 1000 applications

The advisory firm and investment company has received applications worth more than $75 million so far, proving a hit with buyers trying to get onto the ladder. 

Squirrel boss John Bolton said: "We expect that from the applications we’ve received so far, around 1 in 4 will result in a mortgage approval at some point. We can safely say that’s around 250 people or families who would likely not have been able to buy their own homes, which is a fantastic result.”

Launchpad is aimed at borrowers with strong credit profiles who are unable to afford a 20% deposit.

It consists of two loans. One makes up 15% of the value of a property, and is provided by Squirrel's P2P arm, at a fixed rate of 9.95%. The loan is paid off over five years.