Britannia pulls 90% LTV deals
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Britannia has decided to no longer offer mortgages at 90% LTV, having lent £300m to first-time buyers in the last four months
Britannia, which merged with The Co-Operative Financial Services in August, launched a trial to offer products to buyers with a 10% deposit back in June.
During the trial the lender says it has advanced £300m to almost 1,000 first-time buyers.
A spokeswoman for Britannia says that the trial was always intended to be for a limited period and the society has now reached its lending limits for 90% LTV deals.
The lender is reducing its LTV down to 85% with effect from today.
The spokeswoman for Britannia says: “We remain committed to helping first-time buyers and our mortgage range offers a wide choice of options including fee-free deals, fixed-rate deals for up to 15 years and the share-to-buy mortgage.
“In the coming months we will continue to review our mortgage range in line with market conditions.”
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