Lenders Less Cautious About Loan Requirements

Mon, 30 Nov 2009

Lenders are gradually becoming less cautious in their approach according to Moneyfacts.co.uk. The financial comparison website has revealed that an increasing number of mortgage lenders are once again offering 90 per cent loan to value mortgages, after the proportion they were willing to lend dropped massively following the economic downturn.

Two years ago, at the height of the housing boom, there were 509 loans available on the market offering 90 per cent loan to value. That figure had dropped to just 133 in November 2008, while borrowers found it even more difficult to secure credit as a result of hefty deposit requirements. However, in the past month, more and more lenders have released deals offering 85 and 90 per cent loan to value mortgages, with the two year tracker with an initial interest rate of 4.79 per cent on offer from the Royal Bank of Scotland (RBS) said to be a particularly competitive deal.

Lenders have also begun to reduce their deposit requirements, with the number of loans available to borrowers who have just a 10 per cent deposit up from 56 in August to 114.
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