Alexander Hall encourages lenders to alter mortgage terms

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Alexander Hall encourages lenders to alter mortgage terms

The loan to value on mortgages should not be restricted to five per cent categories, according to a source from Alexander Hall.

Chief operating officer at the firm Andy Pratt claimed it is "ridiculous" that lenders continue to use figures such as 85, 90 and 95 per cent for deals, when many people would be more likely to be able to afford a deal if the system was different.

"Why don't we go to 91, 92 or 93? Those per cents on the average house values are significant," said Mr Pratt.

He suggested that people could be offered a slightly more expensive arrangement for the first few years, while they pay off the initial part of a property.

According to a recent study by uSwitch.com, 49 per cent of 25 to 34-year-olds have opted to add an arrangement fee to their home finance deal in order to avoid paying a charge upfront.

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