Mortgage lenders asking first time buyers for 20% deposit

Mortgage lenders are asking first-time buyers to stump up at least 20% for a deposit on a house as a drought in deals strips mortgages from the market. In the past week, not one high street bank has offered mortgages for those with a 10% deposit, and brokers are warning that deals for those with a 15% deposit are disappearing. More than 300 mortgage deals for borrowers with a 15% deposit have been pulled since January, and only a handful are left for those with smaller deposits. Just 44 mortgage deals are left for those with a 10% deposit, according to Moneyfacts. Many are with smaller lenders and have restrictive criteria.

The Times (19/09/2020)