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18 Oct 2019

Go Direct Personal Finance News  2009

Moneyfacts.co.uk comments on possible Mortgage LTV caps

Ahead of George Osborne’s Mansion House speech tonight, there is speculation that the Bank of England will be handed powers to restrict the maximum loan to value available to home buyers. 

Darren Cook, spokesperson for Moneyfacts.co.uk commented:

“The mortgage market is still recovering from the financial crisis and sweeping changes may only serve to hinder the recovery.

“Time will tell if these powers will be used to dictate responsible lending, or used sparingly to take the heat out of the property market when prices escalate too rapidly.

“Restricting borrowing levels will impact first time buyers the hardest. Many of them are already struggling to raise deposits at the current criteria with savings rates at all time lows.

“First time buyers are the lifeblood of the property market and few are likely to be able to afford a 25% deposit without any assistance.
 
“Thankfully, the financial crisis has caused the demise of 100% plus mortgages and reduced the availability of others with small deposit requirements.

“The product mix currently available to customers clearly shows that lenders are treating this mortgage landscape with much more prudence and respect that the previous one”

 

Number of products available at various LTV tiers

 

Jun-07

Jun-08

Jun-09

Today

Max 100% plus LTV

136

0

0

0

Max 100% LTV

216

14

10

8

Max 95% LTV

970

134

6

19

Max 90% LTV

763

475

77

174

Max 85% LTV

207

83

195

485

Max 80% LTV

179

147

127

296

Max 75% LTV

308

504

507

885

Max 60% LTV

23

25

285

439

Source: Moneyfacts.co.uk 16.6.10

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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