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.
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