Just 8.4% of mortgage lending in London is above 85% LTV – indicating a lack of affordability in the capital.
e.surv’s mortgage monitor report for October showed that areas with lower house prices have a higher proportion of lending above 85% LTV.
In Northern Ireland, Yorkshire and the North West for example lending above 85% LTV made up 29.5%, 25.2% and 25.9% of loans.
London has the fewest loans above 85% LTV proportionally in the whole of the UK.
Richard Sexton, director of e.surv chartered surveyors, said: “The message this month is that it’s ‘business as usual’ for most mortgage hunters. While large deposit borrowers continue to dominate the market, those with less cash in the bank stand a great chance of bagging a mortgage deal.”