Online House Hunter: Mortgage relief | Alan Cleaver | Independent Property Blogs
There could be some cheer for the government according to e.surv chartered surveyors who track activity in the mortgage market.
They’re extrapolation of data suggests there was a 19 per cent year on year increase of mortgage approvals during January – the highest number of approvals since December 2009. And while the figures are no where near the halcyon days of 2007, it would appear the banks are finally loosening their grip on mortgage finance.
The mortgage monitor says the increase has been driven by more loans to borrowers with small deposits, with more first-time buyers being given access to high-loan-to-value (LTV) mortgages by lenders. “Since January 2011, high-loan-to-value lending has almost doubled. Loans to borrowers with a deposit of under 15 per cent accounted for only seven per cent of all loans for house purchase back in January last year, but have risen to account for almost 13 per cent.”
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