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Home Buyers Face Deposit Challenge

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http://www.bbc.co.uk/news/business-22887467

Figures have offered a glimmer of hope for first-time buyers trying to raise a deposit, although those with the smallest savings still face difficulty.

The average deposit edged down from 20% to 19% of the value of a home for only the second time since January 2011, the Council of Mortgage Lenders (CML) said.

However, separate figures showed the choice of mortgages for those offering a 5% deposit has shrunk.

Moneyfacts said that there was only 54 products to choose from.

This represented just 1.88% of the whole mortgage market, the financial information service said, although choices had increased for those offering a 10% deposit.

Yes it's hard to achieve that lifetime of debt, luckily the govt is doing all it can to ensure even if you don't own a mortgage you'll still be lumbered with decades of debt repayments.

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only 54 products available

Working production lines have been closed all over the Country.

Makes me sick.

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http://www.bbc.co.uk/news/business-22887467

Yes it's hard to achieve that lifetime of debt, luckily the govt is doing all it can to ensure even if you don't own a mortgage you'll still be lumbered with decades of debt repayments.

Hard to believe that a young man and woman can't muster up a deposit of roughly £34 grand! (based on 20% of NW 'average' price)

(Kidding)

Who can save this much with the cost of everything else? Plus still have to pay interest (or interest + principal) on the remaining £134 grand for probably 25 years.

Sheesh.

Edited by cashinmattress

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160K avergae house 19% deposit means £30K deposit required to buy an average house.In london this must be up £50K +. Say ta ta to your money as soon as you exchange.

I know adults working for 20 years can't save that kind of money.

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Hard to believe that a young man and woman can't muster up a deposit of roughly £34 grand! (based on 20% of NW 'average' price)

[/quit]

Why would they?

The only young couple who would buy an 'average' house are the affluent who can afford the luxury of missing out the FTB flat and the second-stepper 2/3-bed flat or terrace.

And doesn't that staggeringly low average deposit tell us something? Noone is putting down big deposits. People with millions would rather put their money somewhere else and take out zero-interest mortgages. I know I would: it would be mad to pay more than the 30-40% deposit that secures the best mortgage rates.

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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