Deposit required for mortgages is falling, says Mortgageforce
www.moneynews.co.uk > Mortgages > Deposit required for mortgages is falling, says Mortgageforce
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Money News |
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Deposit required for mortgages is falling, says Mortgageforce
Wed 16th Sep 2009
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Katie Tucker, spokesperson for the organisation, commented that the market is likely to offer easier terms for first-time buyers in the future due to the stability of property prices.
She noted that this should lead to more generous deals, although she warned people to consider the impact of an increase in the Bank of England's base rate before taking on an initially attractive discount or tracker rate.
"First-time owners or anyone on a restricted budget should consider very carefully whether they could continue to afford their mortgage payments if that rate does increase by a few per cent," she added.
Research by Mortgageforce indicated that the average deposit for first-time buyers has gone down to 21.25 per cent loan to value in August, from 25.4 per cent in the previous month.
This week, mortgage expert Paul Holmes described some of the mortgage interest rates being offered to buyers with smaller deposits as "obscene".
Click here for more mortgage news
Related News : Mortgages |
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