Low-deposit mortgage deals highest for 17 years
First-time buyers now have more high loan-to-value mortgages to choose from, and increased time to secure deals.
According to the latest data from the Moneyfacts UK Mortgage Trends Treasury Report, the number of first-time buyer mortgages on the market has risen monthly.
The availability of mortgages able to finance up to 90% loan-to-value (LTV) rose in the month of April from 772 to 845, while the number of 95% LTV deals increased to 442, up from 395 the month prior.
This marks a 17-year high for both figures, as the number of 90% and 95% LTV deals was recorded at 957 and 575, respectively, in March 2008.
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, says: “The Government has been clear that it wants lenders to do more to boost UK growth, and so a rise in product availability for aspiring homeowners is a healthy step in the right direction.”
Moneyfacts data shows that 95% LTV mortgages account for just over 6% of the total number of fixed and variable deals available to borrowers. Also, the overall market saw a rise in mortgage product availability, growing from 6,684 at the beginning of March to 6,870 by the start of April.
Source: Moneyfacts
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The information contained within was correct at the time of publication but is subject to change.
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