Lenders revert to offering 90% mortgages

Lenders revert to offering 90% mortgages

Mortgage lenders have restored their appetite to provide home loans of up to 90% of a property’s value, as the mortgage market has shown an increase in competition for borrowers with smaller deposits.

Those looking to borrow on mortgages with a 10% deposit have been exposed to an increase in products available, rising from 56 recorded in August to 114 this month, according to Moneyfacts.co.uk.

In 2007, at the peak of the housing boom, borrowers looking for 90% loan-to-value (LTV) mortgages had the choice of 509 products. One year later in November 2008 and this figure fell to just 133, with a number of lenders demanding deposits of more than 25%.

But lenders have recently shown sighs of reverted to a more relaxed lending criteria. Last week, RBS's arm launched a two year tracker mortgage with an initial rate of 4.79% (Bank of England base rate plus 4.29%) for up to 90% LTV. The arrangement fee is £999, a very competitive rate according to brokers.

"We've seen a trend over the last three to four weeks of more lenders coming out with 85% and 90% LTV products – I think there’s every reason this will continue," said Ray Boulger of John Charcol.

Brokers said the main difference with the new product from RBS is that it is available not only to first time buyers, but to all borrowers.

Nigel Bedford, mortgage manager at largemortgageloans.com, said: "I think that more banks will start offering more and better high loan-to-value deals in the next six to 12 months, as long as there is no significant fall in house prices."

Boulger said it was a good idea to widen lenders audiences by offering them to all borrowers, and not offering LTV products exclusively to first-time buyers. "Anybody who bought a property with a high LTV mortgage over the last few years is now likely to be on at least 90% loan-to-value now."

However, many lenders are still reluctant to offer high LTV loans to borrowers looking to remortgage. There are only 19 products available in England for borrowers wanting to remortgage at 90% LTV, according to largemortgageloans.com.

Bedford said that all rates are currently higher than 5.99%, apart from one deal from the Chorley & District Building Society.

"As virtually all lenders' standard variable rates are lower than this, there is no reason for customers with existing high LTV mortgages to remortgage at the moment," he said.

Those looking to put up over 10% on their mortgages have a wider choice of products available to them. The number of products available to borrowers with a LTV of 85% increased from 75 in August to 245 in November, according to Moneyfacts

Brokers said the competition follows a more aggressive strategy from Northern Rock following the approval of its government bailout by the European Union.

"The biggest impact has been on the low LTV sector but it has also spilled over into high loans-to-value as rival lenders have tried to steal a march in other areas," said David Hollingworth of London & Country mortgage brokers.

But Hollingworth added that borrowers will have much tighter credit scoring to meet in order to be approved for a high LTV mortgage.

"If you've got a fairly middling to low credit score then you could find you won’t be able to access the high LTV deals," he warned. "There will be more significant box ticking in terms of the borrower’s profile."

Written by Sam Gooch
Thursday, 03 December 2009 14:42
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  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Not only do you get 6 months 0% on purchases, you also get 5% cashback on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 18.5% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.5% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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