The Telegraph - Mortgage lenders retreat from first-time buyers with low deposits
Mortgage options for many first time buyers have narrowed after a flurry of lenders withdrew low-deposit home loan deals from the market.
Virgin Money, Clydesdale Bank, Accord Mortgages, Ipswich Building Society, Melton Building Society and Furness Building Society this week pulled all products with a 90 per cent or higher LTV, with most citing a higher than expected demand for these loans but saying the move was “temporary”.
Aaron Strutt, product director at mortgage broker Trinity Financial, told The Telegraph: “The issue is that when a small number of lenders offer low deposit mortgages they get high levels of demand. And they don’t want to be offering too many high-risk products as it affects the spread of risk across the book.”
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