Mortgage expert in plea over loan-value levels

While the recent increase in mortgage approvals is good news, mortgage lenders should do more to help those trying to get onto the property ladder, it has been argued.

Managing director of first-time buyer services firm FirstRungNow Helen Adams said loan-value (LTV) rates are too high for those who cannot get parental help in funding their purchases.

She acknowledged that lending has had to be more responsible since the credit crunch, but appealed for more discretion from providers.

“It’s good in that we needed more caution for lending in the UK. But it could go a little higher, the loan to value ratio, for good borrowers,” Ms Adams said.

A third of the 19,700 first-time buyers successful in mortgage applications in September were able to avoid stamp duty because their home was worth more than £125,000, but no more than £175,000, Council of Mortgage Lenders figure revealed.

The lowest threshold for the tax will return to £125,000 from January 1st.

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