High LTV mortgages ‘will increase’

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More first-time buyers may soon be able to use the services of a residential conveyancing solicitor after an expert said he thinks an increasing number of high loan-to-value (LTV) mortgages will become available.

Andy Pratt, a broker at Alexander Hall, said the supply of such products is creeping up, increasing competition and encouraging other lenders to offer them.

“I think there are going to be greater levels of 90 per cent [LTV mortgages], which just increases the choice for consumers … the rates on them are going to get better, which helps affordability,” he added.

First-time buyers may therefore get a foot on the property ladder more quickly, as they will not have to save up quite so much for a deposit.

Earlier this month, e.surv reported that mortgage approvals increased sharply in March 2011, with LTVs reaching a three-year high.

There were 48,979 approvals for products last month, up from 46,976 in February, meaning that there has now been growth for three consecutive months.


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