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Improved Availability of High Loan To Value Mortgages

December 8, 2010

There are signs that life is getting easier for borrowers seeking higher Loan To Value (LTV) mortgages such as 90% Mortgages, 85% Mortgages and 80% Mortgages.

12 months ago there were only 116 mortgages available up to 90% Loan To Value (LTV), 254 up to 85% and 153 up to 80%. However, recent figures have shown 204 mortgages available up to 90%, 470 up to 85% and 384 up to 80% Loan To Value.

These figures show a 175% increase in the availability of 90% Mortgages over the last 12 months, a very definite step forward. A further increase of 175%+ over the next 12 months would be very welcome. However, it is not just the ‘number’ of higher loan to value deals that is an issue in the current market; a further issue is the ‘quality’ of the deals available at higher loan to values such as 90%.

Michelle Slade, at, said: “Borrowers with smaller deposits are seeing signs of improvement, but rates on offer to borrowers with a 10% deposit remain high. “With worries about future house price falls, rates for those with a small deposit may remain high for some time to come.”

Despite an improvement in availability, the criteria that borrowers must meet in order to be approved for higher loan to value mortgages remains very tight, with lenders only approving applications with an A1 rating. Many people that obtained a 90% mortgage prior to 2008 may struggle to obtain a similar mortgage in the current market, despite having experienced no issues of affordability. There has been a shift in the way lenders assess what is or is not deemed to be ‘affordable’, with lenders adopting a highly cautious approach to lending.

But a step forward is a step forward, and although conditions are still tough for first time buyers, and other segments requiring higher loan to value mortgages, it is nice to see an increase in the choice and availability of mortgages. Increased choice and competition can only be a good thing for consumers.

8th December 2010

Written by Richard Best

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