Mortgage lenders no longer offer 125 per cent loan-to-value (LTV) mortgage, something that could hit first time buyers, it has been claimed.
Denise Harvey, mortgage analyst at Moneyfacts.co.uk, explained that mortgage companies did not seem prepared to take on the extra risk that high LTV mortgage might pose.
She added that only two mortgage lenders now offered products of greater than 100 per cent LTV, but these products are limited to professionals such as doctors.
Ms Harvey said: "For first time buyers there are limited options, with fewer providers now offering 100% mortgages . There are also shared ownership schemes and open market home buy schemes. We may also see an increase in the number of guaranteed mortgages ."
She concluded by saying that for anyone looking for a remortgage deal there are still some attractive fixed-rates on offer.
Last week a survey by Fairinvesment.co.uk revealed that 57 per cent of people would pick a fixed-rate mortgage if they had to decide on a new deal.
Demise of 125 percent mortgages
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Demise of 125 percent mortgages
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