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16 Nov 2019

Go Direct Personal Finance News  2009

Average 90% Mortgage LTV rates tumble

The average rate of a 90% loan-to-value mortgage has fallen steadily over the past five years to just 5.44%. The number of 90% deals has, in turn, increased from just 76 in May 2009 to 299 today.

                            

     Average 90% LTV rate

   Number of 90% mortgages

Today

5.44%

299

May 2011

5.98%

238

May 2010

6.38%

183

        May 2009

6.09%

76

May 2008

6.61%

468

May 2007

6.05%

761

Source: Moneyfacts.co.uk 15.5.12

 

Louise Holmes, spokesperson for Moneyfacts.co.uk, commented: “At the peak of the mortgage crisis, the majority of lenders withdrew their high LTV mortgage products, leaving prospective homeowners high and dry with no hope of affording the large deposits required.

“The rising cost of living and unemployment has also had a massive impact on prospective buyers’ ability to save for their first home.

“Demand for high LTV mortgages is, and always will, be high. Lenders have shown they recognise this by edging cautiously back into this area of the market with some competitive deals of late. However, strict underwriting and credit checks mean that approvals are at a premium.

“News of increased choice and lower rates in this sector of the mortgage market will be music to the ears of potential borrowers, whose voices finally appear to have been heard.”

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

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

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