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Will we see the return of the affordable mortgage?

Whatever happens in 2010 it seems almost certain that the UK mortgage market will become more competitive and we will see, eventually, the return of the affordable mortgage package. There is no doubt that 2009 has been a very difficult time, for first-time buyers especially, with very few affordable mortgages available and those which do look interesting often carrying large deposit requirements.

A number of mortgage experts believe we will see the return of the 90% loan to value ratio which would probably concern the authorities and the UK government in the short term. Even though mortgage lending in November was up 208.7% on the previous year, at £6.6 billion, we need to remember the comparison was against possibly the worst month in recent times. There is also the issue of affordable housing and quality housing, two factors which have seen intense competition for a small number of houses - something which has pushed prices higher and higher.

We are likely to see the likes of Lloyds bank, Royal Bank of Scotland and potentially Northern Rock (possibly under the management of Richard Branson) attempt to shake up the UK mortgage market with a number of competitive offers in 2010. However, eventually we will need the full force of the whole UK banking sector to make a long-term difference and breathe new life into the property market.

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