The need for high LTV mortgages is getting ever-more urgent. There are a multitude of borrowers desperate to buy before the stamp duty holiday ends who cannot do so because most of the high LTV mortgages have been withdrawn. People look first to the big six lenders for the solution. However, with only one actively in the high LTV market, which brokers clients are grateful for, there is not enough to satisfy demand.

To achieve Boris Johnson’s objective of turning ‘generating rent’ into ‘generation buy’, the solution is a stable supply of 90 per cent LTV products from all the big lenders. The current scenario of just one lender and the others offering flash sales is not enough. These flash sales last a day or two and are barely putting a dent in the backlog of clients with stable income and good credit who are currently being stopped from owning their own home because they cannot raise a large enough deposit.

The rest of the big six lenders are open to this idea, but it appears none of them want to make the move. Conversations I have had with them revealed they are all aware of the issue. What’s more, all understand they need to re-enter the high LTV market, but one of them needs to be brave.

This current Mexican standoff is resulting in low-risk clients, who are perfectly capable for paying a mortgage, being turned away as they don’t have a large enough deposit. This can’t continue.

It is easy to understand the issues lenders are facing, they are already dealing with huge volumes, with staff working from home. In uncertain economic conditions, higher LTV mortgages can also be seen as slightly higher risk. The next lender to offer a higher LTV mortgage will clearly be inundated with applications, hence the product withdrawals we are seeing after just a couple of days. But that said, it is not enough.

It is clearly not right that a whole generation of people are being prevented from getting on the housing ladder if they do not have friends and family to help them to raise a deposit. Another big six lender needs to step up. Once they do, the others will certainly follow.

When another does return with a 90 per cent LTV product, this will help keep the residential property market moving. With the stamp duty deadline looming, there is a likelihood that the market will begin to cool as we move into the New Year. As first-time buyers are exempt from stamp duty up to £300,000 even after 31 March, they are under no pressure to complete before the deadline, so giving them access to mortgages now would help to keep transactions moving even after this date.

There is an overwhelming market need for high LTV mortgages. Both to meet the needs of those struggling to move or get on the housing ladder, and to meet the government’s agenda of ‘generation buy’. Perhaps we need the likes of UK Finance to help lenders to agree to all relaunch higher LTV products at a similar time so no one lender is overwhelmed.

Without the remaining big six reintroducing these products, those with only a small deposit face a long and frustrating wait. For the good of everyone, brokers, clients and lenders themselves, let’s hope this Mexican standoff ends soon.

John Phillips is national operations director at Just Mortgages and Spicerhaart