Brokers predict return of 100% mortgages
Brokers are predicting the return of standard 100% mortgages by the end of the year, according to a report by Mortgage Strategy magazine.
A senior industry spokesman has said there are rumours a couple of lenders are talking about offering 100% mortgages to help more first-time buyers get on the property ladder.
Banks and building societies are required to hold more capital against higher loan-to-value mortgages, but the rates are priced according to risk and therefore more expensive than the cheapest options.
The latest e.serv surveyors housing report suggests borrowers with smaller deposits accounted for the largest proportion of house purchase lending for five months. Their figures show buyers with less than a 15% deposit made up a 16.9% of all house purchase approvals in February.
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