More mortgages aimed at first time buyers

Low deposit mortgages are making a strong comeback.  However, it appears that demand for first time mortgages with a 90 or 95 per cent LVT (loan to value) is greater than the supply.  Deals are also becoming fully subscribed quicker than historically averaged.

Camparison website Moneyfacts has found 49 mortgages currently on offer at 95 per cent LTV, more than double the number avaible in January 2011, and significantly more than the 3 found in April 2009. 

Additionally, there are 280 deals at 90 per cent LTV, a rise from 199 in January 2011 and 72 in April 2009.

The low deposit deals will bring hope to many first time buyers aspiring to step on the property ladder.  However concerns have been rasied that although increasing the range of mortgages available to first time buyers, lenders will be tightening their lending criteria due to the unstable economic climate.  This means borrowers will need to face even tougher mortgage conditions. 

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