Low deposit mortgage sales collapse

The number of mortgages sold to first-time buyers with small deposits has collapsed by more than a third since the pandemic struck. Today there are just 221 home loans for buyers with a 10% deposit available, less than a third of the number this time last year, according to data firm Moneyfacts. Meanwhile, a Freedom of Information Act request to the financial watchdog by wealth management firm Quilter found there were 37% fewer high loan-to-value mortgage sales in 2020 than in the previous year.

The Daily Telegraph (26/01/2021)