90% LTV deals up almost 50% year-on-year
There is almost 50% more 90% LTV mortgage available today, compared to a year ago, according to the latest figures from Moneyfacts.
Over the last year more mortgage lenders have come back in to the market and there are more options if you have a 10% deposit. We have access to NatWest's two-year fixed rate at 5.99% at 90% ltv and it has a £999 arrangement fee.
While mortgages are available if you have a 10% deposit, there are much cheaper rates available, if you have 15% to put down. Coming up with such a large deposit if you are a first-time buyer is difficult for many people, but it will allow you to benefit from lower monthly repayments.
Taylor Wimpey is offering first-time buyers 95% mortgages on a number of its developments in the East Midlands, East Anglia and East London. The funding is being provided by the Saffron and Melton Mowbray building societies and the mortgages are likely to be fixed for two years priced up to 5.99%. This is welcome news, but ideally we would see more mainstream lenders offering better mortgages.
February 19, 2011
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