Return of the high LTV mortgage...

http://www.guardian.co.uk/money/blog/2011/feb/28/northern-rock-first-time-buyer-mortgage

First-time buyers who have struggled to get a mortgage have been given a glimmer of hope following the announcement that Northern Rock – the bank owned by UK taxpayers – is at long last offering a reasonably priced mortgage for those with a small deposit.

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The real elephant in the room is house prices. Although they have fallen 0.9% over the past year, according to Land Registry figures, it is not nearly enough to make property affordable for most first-time buyers. While the average salary in the UK is just £26,510, the average price of property is still more than six times that at £163,177.