Bank representatives tell the Treasury Committee that first-time buyers should be aware of risk, but add negative equity may only last a short time eleanormia reports
agreed that there was less risk of widespread negative equity than in previous financial crises due to relatively low LTV rates across the market.
Mr Assam from Lloyds Banking Group said they had average LTVs in the “high forties” while Bradley Fordham, mortgage director at Santander, said theirs was around 51 per cent. Mr Fordham also said that customer maximum borrowing levels were typically “less than what it was a year ago or 18 months ago” because of rising household bills and increased interest costs hitting what they could afford.Customers were either “putting more deposit down or looking for a smaller property” as a result.
He told the Treasury Committee: “It’s been a very volatile period. The base rate has been increasing, swap rates have been increasing which is generally the funding cost to banks, and therefore there have been price increases by lenders.”, passing a peak they reached after former PM Liz Truss’s mini-Budget fiasco.
The average two-year fixed rate now stands at 6.6 per cent, while a five-year fix is 6.17 per cent, according to data from the financial data firm Moneyfacts.
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