High LTV mortgages 'becoming scarcer'
People who want to take out a mortgage with a loan-to-value (LTV) ratio of more than 60 per cent have limited options available to them.
New figures by Fool.co.uk found that those who would like to take out a mortgage with an LTV of 95 per cent can only choose from 74 products.
The news may lead some people to consider self build instead, as this option could give borrowers access to finance of up to 95 per cent of land costs and 95 per cent of building expenses.
Commenting on the findings by Fool.co.uk, head of personal finance at the website David Kuo said that banks seem to lend money to borrowers that need finance the least.
He suggested borrowers increase their mortgage repayments in order to reduce the size of their loan compared to their property value.
"Some may argue that those who bought their homes early were just lucky," commented Mr Kuo.
"But when it comes to mortgages, the harder you work at paying off the loan, the luckier you will get."