Mortgage rates: 10% mortgages to make a comeback in 2021 – ‘banks want to lend’

The LTV is a percentage figure that reflects the proportion of your property that is mortgaged, and the amount that is yours, which is usually covered by your down payment.

For example, if you have a mortgage of £150,000 on a house that is worth £200,000, you have a loan-to-value of 75 percent – therefore leaving you with £50,000 as equity.

Mr Licourinos added: “Things have been more positive for first-time-buyers, with more 90 percent mortgages becoming available with the criteria beginning to become more favourable again too.

“Rates are not far behind where we were pre-Covid, which is great news for the consumer confidence and the economy.