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First-time buyers need providers to look at high loan-to-value ratio mortgages and how they are underwritten, an independent report commissioned by the Building Societies Association (BSA) has recommended.

David Copland, director of mortgage services at TMA, said 100% mortgages would be appropriate for the most prime borrowers – especially those who have been paying rent on time for a couple of years.

The mortgage, which is currently a 3-year discount at 3.49% with a £199 fee, is available up to 100% loan-to-value with the help of a family member.

To 60% loan-to-value there are initial 3 and 5-year fixed rate options available with rates of 3.38% and 3.58%, as well as 3 and 5-year discounted variable options at 3.09% and 3.29%.

First-timers with only a 5% deposit are still having to pay almost two-thirds more per month in mortgage payments than those with a 25% deposit, the quarterly AmTrust Mortgage Loan to Value Tracker found.

Mortgage customers choosing a deal with one of the UK’s big six lenders could save an average of £390 by ignoring the banks’ lowest rate, and opting instead for a higher rate product with fewer additional charges.

Software provider 360 Dot Net has hired James Sullivan from MortgageBrain.

The firm highlights that by 2037 and between now and 2032 there will be 40,000 interest only mortgages maturing annually, with no obvious repayment vehicle.

The guarantee applies to the fee quoted by GWlegal for its own legal work, excluding money paid to third parties.

People stuck on a top six lender’s standard variable rate in the capital typically pay £9,400 annually, while those in the South East (£6,500) and East (£5,600) also face a sizable outlay.