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Britannia pulls 90% LTV mortgages
Britannia has pulled all its 90 per cent loan-to-value (LTV) mortgage deals after lending £300m to first-time buyers since June.
The building society launched the products as a trial for first-time buyers who had a 10 per cent deposit in June, but has since lent £300m to almost 1,000 borrowers.
Britannia said the trial was always intended to be for a limited period only and it has now reached its lending limits for those deals.
As a result the lender has reduced the LTV down to 85 per cent.
In a statement the society said: "Britannia remains committed to helping first-time buyers and our mortgage range offers a wide choice of options including fee-free deals, long-term fixed-rates (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."
