New figures have shown that lenders have been willing to offer mortgages with smaller deposits recently, which may encourage more people to look into securing home loans.
The latest Mortgage Monitor survey from e.surv has shown that there were more than 11,000 (11,138) deals agreed in February 2014 where the deposit was 15 per cent or less.
That`s six per cent more than January, when the figure was closer to 10,500 (10,465).
The current monthly figure is the greatest amount of high LTV loans dished out since April 2008 and the average mortgage has now climbed to 63.5 per cent of the property`s value, the highest percentage since August 2007.
Richard Sexton from the chartered surveyors firm explains that "a bumper crop of high LTV deals is tempting more buyers back to the market.
Banks are far more willing to lend to borrowers with a limited savings pot".
He adds that people are looking to get their feet on the property ladder before prices rise too much and they`re using government schemes to help them achieve it.
On top of that, new Mortgage Market Review rules will tighten banks` lending policies, so it`s understandable that people will want to get in before they`re enforced.
If you`re looking to buy a property, you could use a mortgage broker like First Choice Finance to help match you up with the most suitable mortgage for you and assist you through the process.
All we will need is some details of you and we`ll provide you with a free quotation via a personalised ilustration.
Discover more about taking out a new mortgage or remortgaging at firstchoicefinance.co.uk or give our advisers a call on either 0800 298 3000 or 0333 003 1505.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.