People experiencing loan charges may be interested to hear that an expert believes many mortgage lenders are "stuck in their old ways".Andy Pratt, chief operating officer at Alexander Hall, a company that provides independent mortgage advice, claims that lenders should think in terms of one per cent when it comes to loan to value (LTV) rates, rather than in five per cent blocks.He said: "We talk about 85, 90 and 95 per cent [LTV], but why don't we go to 91, 92 or 93?"Those per cents on the average house values are significant and if a lender is looking to manage his business in terms of risk, then incrementally shifting things up by smaller than five per cent [gaps] would make sense."Mr Pratt added that he believes this way of doing things is "archaic" and that first-time buyers should not have to save up another five per cent to get a mortgage.John FieldmanHaving worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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