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More mortgage options available
17 September 2008
Homeowners looking for the best mortgage deals have been told that more options are available if they borrow less than 60 per cent of the value of the property.
A new study by Fool.co.uk has found that homeowners who do not require a mortgage product for 40 per cent of their home will have access to as many as 4,588 different products.
Meanwhile, those who are looking to borrow more than 95 per cent of the value of their property only have the choice of 74 mortgage products.
Furthermore, those who require a mortgage for 90 per cent of their home can choose from 466 products while those who need a 75 per cent mortgage have the option of 3,360 products.
David Kuo, head of personal finance at Fool.co.uk, said: "You don't have to rely on rising property prices to shrink the loan-to-value. There are other ways, such as increasing your monthly mortgage repayments, which will also reduce the size of your loan compared to the value of the property."
Search for the best UK mortgage deals
