The Woolwich has become the latest lender to lower its loan ratios for new borrowers and is now demanding a deposit of at least 10%.
The lender says it is prudent to implement a maximum LTV of 90% due to rapidly changing market conditions and all loans above 90% will be withdrawn from today. The move means three products asking for a 5% deposit, a lifetime tracker, five-year fixed rate and SVR loans, will be withdrawn. The move follows similar decisions by Nationwide, which lowered LTV’s to 90% on all but two of its products, and Co-op Bank, Cheltenham & Gloucester and Alliance & Leicester, among others. If you would like to comment on this story, contact: John Bakie Tel: 020 7484 9805 e-mail: John.Bakie@incisivemedi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes