On reading that Taylor Wimpey is offering first-time buyers 95% LTV mortgages on a number of its developments in the East Midlands, East Anglia and East London, I have one question (Mortgage Strategy Online February 15).
The deal is being funded by Melton Mowbray Building Society and Saffron Building Society.
How is it that two fairly small lenders are in a position to be able to provide such high LTV mortgages for first-time buyers when the big boys are not even prepared to look at such deals?
I suspect these loans will have a lower default level due to the fact they will be taken by people who really want to be able to buy a home and will therefore do anything to keep up their payments.
Come on lenders follow the example and provide some affordable first-time buyer deals.
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