Growing demand for high-LTV mortgages: MAB

Data compiled from 175,000 unique mortgage searches on more than 150 websites for national advisory firm Mortgage Advice Bureau’s Mortgage Search Tracker revealed that the number of people searching for a mortgage at 90 per cent LTV or above had grown from 19 per cent to 27 per cent between March 2013 and March 2014.

While an improving market saw interest in high LTV products grow, the percentage of mortgage customers searching for deals up to 60 per cent LTV fell from 33 per cent to 23 per cent during the same period.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “The last 12 months have seen consumer faith restored in the mortgage market, with thousands finding new hope of securing a deal.

“The government and lenders have clearly captured the mood and responded to a generational need by offering better options for buyers with relatively small deposits.

“Lower earners are plucking up the courage to explore their options, and a lot of borrowing interest is coming from consumers with modest ambitions of buying a home, rather than top-end investors chasing a profit from property.”