UK Money News
14th January 2008
Loan to values 'on the wain'
Consumers seeking the best value help with money when looking to compare mortgages may find that the sums offered are in decline, one personal finance organisation has stated.
Price comparisons site moneyfacts.co.uk asserts that in the last month lenders have reduced their maximum loan to values to compensate for the tighter credit market.
David Knight, mortgage analyst at the firm, comments: "Moneyfacts.co.uk has found that since the beginning of December 11th mortgage lenders have reduced the maximum loan to value they offer on some or all of their mortgage range."
He added that the "about turn" was "understandable" given the lending strategies seen over the five years previous, where loan to values had crept as high as 130 per cent.
In recent money news, Torquil Clark financial group described Abbey's 125 per cent loan to value mortgage as "migraine inducing".
The firm emphasised to first-time buyers seeking help with money that such mortgages put purchasers in a position of negative equity before they begin to pay the loan off.
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