Low-deposit mortgages: ‘only 60 left’
9 October 2008
The number of mortgages available to buyers with a 5% deposit has significantly reduced in recent months, as the credit crunch continues to limit mortgage and loan availability, according to the BBC.
According to Moneyfacts, only 60 such mortgage deals are still available in the UK. This is in stark contrast with the days of 100% mortgages and even 125% mortgages, in which many homeowners relied on an increase in the value of their home to cover the mortgage.
At the start of April, there were 384 mortgage deals available to people with a 5% deposit, and 860 a year ago, says the BBC.
A spokesperson for Think Money said: “Would-be homebuyers without a significant deposit are often finding themselves unable to find a mortgage.
“But these figures show that there are deals still available, so we advise anyone looking for a mortgage with a low deposit to talk to an expert now and avoid disappointment later on.”
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