1 in 4 mortgages require a 40% deposit
In the wake of the credit crunch, the mortgage market has become ever more difficult.
Financial information firm Moneyfacts revealed today that 25% of mortgage deals require a deposit of 40% of the property value.
Last year, only 24 deals in the market required a deposit this large; at the dawn of 2009, that number has reached 341.
This makes matters much more difficult for first-time buyers and homeowners struggling to find a remortgage deal as their fixed rate period runs out.
January 9th, 2009 at 9:11 am
It’s understandable that lenders are becoming more cautious, but 40% seems unnecessarily high. Who has a 40% deposit unless they’re remortgaging?