Boom in 5% deposit mortgages in July

Moneyfacts reported that the number of 5% deposit mortgage deals reached its highest level in July, with 361 options available. This marks the highest total since May 2022. The increase in low deposit deals is good news for first-time buyers. Across all deposit sizes, there were 6,658 mortgage options available, the highest number since February 2008. The average shelf-life of a mortgage product also increased to 30 days in July. Rachel Springall, a finance expert at Moneyfacts, stated that there is room for growth in the 5% deposit market, as it currently represents just 5% of all mortgage deals. 

Daily Mail (09/07/2024)   Evening Standard (09/07/2024)   The Independent (09/07/2024)