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New mortgage products 'making property purchases easier'
The introduction of new mortgage products by banks and building societies since last month has made the process of buying a home easier.
This is according to moneysupermarket.com, which suggested that the number of 85 per cent loan-to-value (LTV) products on the market has risen by 22 per cent since December.
In addition, the number of 90 per cent LTV loans has gone up by 11 per cent over the same period.
Responding to the findings, mortgages channel manager at moneysupermarket.com Hannah-Mercedes Skenfield said: "Lenders seem to have started 2010 with their doors open and are clearly more open to mortgage lending than they have been for some time."
She added that the rise in high LTV products is particularly useful to first-time buyers, who may otherwise not have sufficient money to secure a home.
Figures newly released by Halifax suggest that the value of residences in the UK has increased twofold since the beginning of the decade.
27/01/2010 15:29
News category: Property