UK Money News
10th June 2008
High LTVs are 'fuelling decline in property market'
Mortgage lenders who impose high loan to value rates (LTV) on their mortgage products are fuelling the decline in the property market, it has been claimed.
According to MoneyExtra.com, the average LTV being considered by a first time buyer currently stands at just under 82 per cent.
However, in many cases lenders are only offering mortgage loans of no more than 75 per cent LTV.
As a result, the surge in demand that might have been expected from novice homebuyers looking to take advantage of falling prices has not materialised.
Mr Amlot added: "First time buyers are being pushed out of what's left of the housing market - being asked for deposits that could run to several tens of thousands of pounds.
"Mortgage interest rates, in general, are cheaper now than they have been for more than a year - but it's all but impossible for many potential buyers to find a lender because of the size of deposit they're being asked to provide."
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