Friday, Jun 13, 2008
Average FTB deposit now 13%
Times: First-time buyer loans fall 36% as deposits jump
"Mortgage lending slowed by 5 per cent in April to £26.1bn, with 'further weakening' expected in the coming months. A number of UK banks have tightened up lending criteria in recent months following the US sub-prime mortgage crisis and the near collapse of Northern Rock. Halifax is planning to introduce tracker mortgages requiring a 40 per cent deposit from borrowers." ---- Further weakening?? More like "full-blown crash expected in the coming months"! Good selection of comments from Times readers too.
Posted by drewster @ 10:46 AM (395 views) Add Comment
2 Comments
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1. george monsoon said...
This is really going to hit the market hard, even if those with equity are trying to trade up , the first link in the chain no longer exists and they will be stuck waiting for a buyer that doesn't exist... happy days
2. jonb said...
And also those trading up or down won't be able to sell their existing place for enough to raise the deposit for a new one. They will be stuck on SVR until they pay a large chunk of it off, or inflation erodes the value of their loan.