UK mortgage lending famine harms worse off the most
Figures from the price comparison website Moneysupermarket have revealed the number of mortgages available to borrowers with a 10% deposit is down by more than a quarter in the last year, whilst bank loans supporting buyers with a 5% deposit have dropped by a third in the last six months.
Moneysupermarketâ€™s findings make for uncomfortable reading as stagnant salaries and a lack of job opportunities for those starting out mean more and more people are struggling to save a significant deposit.
It is conceivable that first-time buyers with a 5% deposit may be forced to completely put off the thought of buying until they have at least a 10% deposit saved â€“ or secured parental assistance. There are currently only 28 loan options available to those with a 5% deposit and, in truth, many of these will carry unrealistic qualification criteria. This desperate situation has arisen despite the government and banks recently introducing an Â£80 billion â€˜Funding for Lending Schemeâ€™, designed to boost lending to households and businesses.
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