Higher loan to value rate 'could benefit borrowers'
The amount of mortgages given to buyers has risen for the third month a in a row in September, as first-time buyers contribute to a large proportion of the increase, new figures have revealed.
According to the Council of Mortgage Lenders, there was a two per cent increase in the number of loans for home buying from August to September, at 50,600 - a 43 per cent rise on the same period last year.
However, Helen Adams, managing director of FirstRungNow, claimed that good borrowers could benefit further from a higher loan to value rate, as it is "so difficult" for them to get hold of a deposit.
Commenting on the figures, she said: "It would seem to indicate that, I do agree, but it remains extremely difficult for first-time buyers to make that purchase."
But many Britons may feel that as the recession rumbles on and unemployment rates rise, property to rent in Islington or another part of London could be a safer alternative to buying a home.
Written by Ben Carter
Published 13th November, 2009
© 2009 Estates IT Limited
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While signs of a recovery in the housing market may appear positive, one commentator has called for a higher loan to value rate to benefit borrowers.