Lenders 'rejecting 90% of low deposit mortgage applications'

Yorkshire BS cuts rates on 90% LTV mortgage range

The Yorkshire Building Society has announced that it has cut the rates on its 90 per cent LTV mortgage range as well as adding options for deals with lower fees.
‘Lowest ever’ five year fixed rate mortgage from the Chelsea

Chelsea Building Society has unveiled its lowest ever five year fixed rate mortgage. The 70 per cent LTV deal is available at 3.19 per cent.

Friday, 13 August 2010 12:00

Borrowers are finding it increasingly difficult to attain high loan-to-value (LTV) mortgages, it has been suggested.

Independent mortgage experts John Charcol claimed people are being rejected in their applications for the product because of minor indiscretions, such as late credit card payments.

Moreover, one major lender admitted to turning away 90 per cent of the applications it receives for 90 per cent LTV mortgages.

John Charcol commented: "The computer says no has become the most common utterance from some lenders."

It stated consumers are finding it difficult to know where to turn and added sound knowledge of the mortgage market is now crucial in securing a competitive deal.