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Mortgage deals require larger deposits

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  • Mortgage deals require larger deposits

    While banks and building societies are offering new mortgage products they all are aimed at the lower Loan to Value market i.e. you require a large deposit to be able to apply for them.

    " In the past month the proportion of new mortgage deals requiring at least a 25% deposit has risen, from 54% to 60%, and 25% of all deals on offer in fact require a 40% deposit"

    These figures explain the problems first time buyers face when trying to obtain competitive mortgage rates.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

  • #2
    I have just secured a 90% LTV mortgage at a fixed rate of 5.69% for 5 years which is the best I have seen for quite a while.....however they have now withdrawn that offer so I got in just in time

    It is very difficult for first time buyers though.....not many have £10k lying around let alone £20k-30k which is needed for a good rate on an average priced property.
    Free UK Property Investment Seminar

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    • #3
      Re: Mortgage deals require larger deposits

      I tend to disagree with this as all along we have been able to write 90% deals (although there are considerably less of them available) so first time buyers do not require 25% deposit as it is so often reported in the media.

      Providing a 25% deposit would however get you a better rate of interest but having less than this would not stop you from getting a mortgage.
      Anthony
      Compare the Mortgage Market
      http://www.comparethemortgagemarket.com

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