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13/01/2009
High loan-to-value mortgages 'disappearing' |
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A spokesperson for the Council of Mortgage Lenders (CML) states that one of the consequences of lenders tightening their criteria is the removal of high loan-to-value deals.
Sue Anderson, head of member and external relations at CML, says that lenders have "narrowed down" the lending options available to buyers and made it necessary for first timers to save up a sizeable deposit.
Ms Anderson believes that this is "no bad thing" as it helps protect lenders and homeowners against "further house price falls".
However, she adds that it does means many buyers have to "wait a bit longer before they can access mortgage finance if they haven't already got substantial savings accumulated".
Earlier this month, Nationwide revealed that house prices fell by 2.5 per cent in December 2008 - compared to just 0.4 per cent in November - bringing the value of the average home down to £153,048. |
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