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More first-time buyer mortgages in pipeline

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24/01/2013
The chief executive of one of the UK's largest property groups expects a wave of 90%+ LTV mortgages this year.
More first-time buyer mortgages in pipeline

Countrywide CEO Grenville Turner has said that he expects a return to mainstream mortgage lending above the 90% loan-to-value (LTV) level in the first half of 2013.

Turner told a conference of mortgage brokers in Derby today that lenders were now realising that increased lending to young borrowers is the only way to stimulate the market.

He said: “In many areas it is now more expensive to rent than it is to buy, but people can’t get over the fact they’ve not got a deposit,” he said.

“Until we find a situation where lenders start recognising the fact, and increasingly they are, that first-time buyers are the lifeblood of the industry, for all of us, and finding more than 5 or 10% deposit is still difficult.

“But I do think that in the next three to six months you will see lenders put their toes back into that high LTV market.”

Turner went on to say that Barclays’ 95% LTV Family Springboard Mortgage would force the hands of other lenders.

“Barclays has dipped its toes in and now you will see other lenders will come into the market with 95% products.”

 

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