Lenders rein in high LTVs
The number of 90% mortgages has fallen by 26% from 330 products this time last year to the 244 now.
These include Cambridge, Ipswich, Nottingham and Skipton building societies. Clare Francis, mortgage expert at MoneySupermarket, said: “Our analysis shows the continuing difficulty facing first-time buyers and those with smaller deposits looking to find a suitable mortgage. "Despite the launch of the Funding for Lending Scheme which was designed to encourage further mortgage lending by the banks, there appears to be few signs that the initiative is helping those with small deposits. "It is still early days and we won’t see any data on the impact of the initiative until the end of the year, but so far there is little to indicate that the scheme will kick start the beleaguered mortgage market.”