Lenders hold back on high LTV mortgages

Lenders have withdrawn 60% of mortgages for borrowers with low deposits. A number of lenders have either pulled home loans or have yet to return with their 95% loan-to-value products following former chancellor Kwasi Kwarteng’s mini-Budget on 23 September, according to data from consumer site Moneyfacts. Simon Gammon, founder and managing partner at mortgage adviser Knight Frank Finance, said the prospect of house prices dropping made 95% LTV products unattractive for lenders. “Seeing where the property market is going, it doesn’t take much for a high loan-to-value mortgage to get into the red,” he said. The FT (£)