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Homeowner loan companies 'loosening their purse strings'
Mortgage providers have increased the number of homeowner loan products available to borrowers with lower deposits or equity, according to new research.
The study by Moneysupermarket.com revealed that 85 per cent loan to value (LTV) products have experienced a 22 per cent rise in availability since December last year.
According to the comparison website, the number of 90 per cent LTV products available has also risen by 11 per cent over the period analysed.
Hannah-Mercedes Skenfield, mortgages channel manager at the website, said lenders are evidently "more open" to lending than they have been "for some time".
She added: "The increase in products available at 85 per cent and 90 per cent is particularly encouraging for first time buyers, as scraping together a large deposit is not easy, and was the reason many prospective first-time buyers deserted the market in their droves last year."
Earlier this week, Your Mortgage editor Paula John said that the slight month-on-month increase in lending seen during December highlights that more good deals are emerging on the market.