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Access to mortgage finance 'easier' for homebuyers
Some people could soon find that it is easier to access mortgage financing, particularly those with less equity, it has been observed.
Ray Boulger, senior technical manager at mortgage adviser John Charcol, noted that over the last year there has been increased competition in the market for 80-85 per cent loan-to-value (LTV) mortgages.
However, he added: "It is still very difficult if you want 90 per cent because there are very few lenders offering that and, of those that are, the rates are pretty high.
"There is definitely more competition in the market for LTVs of 80 and 85 per cent. People who are looking for higher loan-to-value [mortgages] will be finding it a little bit easier compared to a few months ago."
His comments come after the British Bankers' Association reported yesterday (April 27th) that the number of new mortgages approved for house purchase was 31,660 in March, up from 30,178 in February.
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Ray Boulger, senior technical manager at mortgage adviser John Charcol, noted that over the last year there has been increased competition in the market for 80-85 per cent loan-to-value (LTV) mortgages.
However, he added: "It is still very difficult if you want 90 per cent because there are very few lenders offering that and, of those that are, the rates are pretty high.
"There is definitely more competition in the market for LTVs of 80 and 85 per cent. People who are looking for higher loan-to-value [mortgages] will be finding it a little bit easier compared to a few months ago."
His comments come after the British Bankers' Association reported yesterday (April 27th) that the number of new mortgages approved for house purchase was 31,660 in March, up from 30,178 in February.
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Published: 28/04/2011
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