More 90% LTVs For First Time Buyers
The Credit Conditions Survey published by the Bank of England last week has revealed some promising news for all first time buyers who have previously struggled to climb onto the property ladder.
In their report, the Bank of England revealed that in the next 3 months: more and more leading lenders will launch an array of competitive LTVs (with smaller deposit requirements) as well as reduce the deposit size of their existing property investment deals…
However, whilst these deals won’t appear for the next 3 months some banks are already launching a variety of new 90% LTVs which should help many first time buyers to make their move onto the property market. The Progressive Building Society in particular released an extremely competitive 2 year 90% LTV fixed year deal the other month with an interest rate of just 5.79%!
And already the number of 90% LTVs has doubled to 150 deals since June last year!
However even despite these positive signs, property advisors are still concerned that there are not enough deals available to cater for the growing number of property owners who need to borrow an even higher proportion of the properties value in order to invest (i.e. 95% LTVs).
Similarly, property advisors are also asking lenders to take heed that they don’t make the underwriting criteria for these deals too harsh. Do that and this could end up preventing first time buyers who haven’t got a squeaky clean credit history from being able to access these LTVs…
Related posts:
- 95% LTVs Return
- First Time Buyers Make A Comeback!
- First Time Buyers Waste Thousands
- Osborne announced help for first time buyers
- £2.1m Fund To Help First Time Buyers
Tags: first time buyers, invest in property, property investment, property ladder, property market, property owners
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