Buyers need minimum 20 percent deposit

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Buyers need minimum 20 percent deposit

Property buyers may find that they have to have a deposit of at least 20 percent of the property value as part of a shake up of the mortgage lending industry, which has been in turmoil since the start of the credit crunch. This will drive more people out of the property market, particularly first time buyers.
In the past first time buyers were able to get mortgages of over 95 percent of the property value, and in some cases even 125 percent of the property value, banks have now started demanding far larger deposits to cut their risks in the current financial climate. Many are now finding that the best that they can get is a mortgage that requires at least 10 percent of the property value by way of deposit.
The chairman of the Financial Services Authority is considering an end of all loans near to the property value, this could means that consumers are required to put down a deposit of at least 20 percent in order to get a mortgage. For first time buyers this could spell disaster, as many simply do not have the available cash to put down this level of deposit.

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