News
Buyers unaware of 95% mortgages
20 February 2012
Data from the Mortgage Advice Bureau has shown that the number of 95% loan-to-value (LTV) mortgages available is at the highest level since 2008.
There are currently 59 mortgage deals available that require only a 5% deposit. This number has increased significantly in a year on year comparison with only 25 available in February 2011.
The Mortgage Advice Bureau has calculated that there is approximately £210 million worth of finance accessible to first-time buyers seeking a 95% LTV mortgage.
Brian Murphy, head of lending at the Mortgage Advice Bureau, commented on mortgagefinancegazette.com: “Well over 85% of young renters aspire to become homeowners but the vast majority of these say the fact they cannot raise a deposit is the key reason for not buying.”
He continued: “There is a widespread perception that a minimum 20% or 15% deposit is required and they just don’t realise that there are now a lot more competitive 90% and 95% LTV mortgages back on the market. The fact that lenders are open to first-time buyers again is a really positive sign.”
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