According to new figures compiled by Moneyfacts, low-deposit mortgages are becoming more and more scarce. Homebuyers looking for the best home mortgage, are finding that there are less Low loan to value mortgages available to them than there had been previously.

A BBC report utilised the figures indicates that just 66 loans with an LTV of 90 per cent or more are currently available. This has dropped from 586 in August and 1,197 nine months ago, representing the dramatic change in the mortgage market .The change is absolute when compared to the market at the height of the property boom. Numerous lenders offered 100 per cent mortgage loans at this time, with Northern Rock providing the ‘Together Mortgages’ that offered up to a whopping 125 per cent of the property value.Borrowers with a low deposit face the difficult prospect of not being able to get on (or back on) the property ladder, as many lenders will only offer high loan to value mortgages at uncompetitive rates. It pays to shop around via the internet or using an independent financial advisor to find the best deal.  Although they are scarce, there are still some good fixed rate mortgages around at the moment. 

This entry was posted on Friday, November 21st, 2008 at 1:34 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.