Thursday, 18th October 2018

Mortgage Drought

2009-03-27 15:40:48
Mortgage Drought
There is no doubt in my mind we've got a mortgage drought on our hands and only the most financial fit are going to get to the cool "Low Rate" mortgage oasises.

Talking to my mortgage advisor yesterday made it really hit home about how little was on offer for first time buyers or buyers with little deposit. She said to get anywhere near a decent rate of interest I would need to come up with 25% deposit, or to make the most of the low 0.5% base rate, I would need 40%.
A fifth of all mortgage products left on the shelf require 40% deposit!

So based on an average 3 bedroom detached house in East Sussex costing 230,000 you would be required to put up a whooping 92,000 and then a further 2,300 stamp duty.

No wonder only 31,000 mortgages have been approved in the last month, only a few can afford the deposit.
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