First-timers seek low LTV deals

Leadbay says first-time buyers are adapting to the low-LTV mortgage environment after noting a rise in the number of borrowers looking for deals with LTVs between 70% and 90% in the past six months.

The statistics are based on more than 40,000 first-time buyers submitting enquiries through the lead generation website.

First-time buyer enquiries for LTVs between 90% and 95% fell by 10.8% to 33.6% while enquiries for LTVs between 85% and 90% were up 12.3%. There was also a rise in the number of users looking for LTVs between 70% and 80%.

Grant Stevens, managing director of Leadbay, says: “Lower house prices mean this is seen as a good time to buy so it is likely that family members are helping with deposits. First-time buyer numbers are rising and their average age is falling.”