Average LTVs for residential mortgages fell by 2% to 67% in Q2 2009 as banks remained cautious about lending, according to research by the Mortgage Advice Bureau.
LTVs on remortgages were 56% in Q2, a slight rise of 2% from Q1. The latest index from the brokerage also revealed that buyers now need a deposit of at least £51,079 if purchasing a property worth £159,623 which is the average property price as revealed in the latest Halifax Index. The average mortgage loan amount increased to £112,859 in Q2 2009, the highest quarterly average mortgage loan figure since Q2 2008. Mortgage Advice Bureau also revealed fixed rate mortgages were the overwhelming choice for both homebuyers and those remortgaging due to low interest rates. In Q2 2009, ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
