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Lending increases for those with cash or equity
It will upset all first time buyers to know that the average deposit needed to buy a house in the UK has increased tenfold to almost £66,000 since 1990. The figure means that the amount needed has grown more than double the rate of house prices. In 1990 the average deposit needed for a home was £6,793, in today’s market; the amount would need to be nearer £65,924. The average percentage a borrower can be offered by their lender is 73 per cent loan to value compared to 88 per cent in 1990.
Mortgage lenders have cut back on the amount they are willing to lend and this has a very definite impact on anyone that does not currently have any equity in an existing home.
Remortgages for existing homeowners have remained buoyant and figures released by the Council of Mortgage Lenders show that mortgage loans where 30 per cent higher during this August than the previous. More than 34,000 homeowners re mortgaged their current property with loans totalling more than £4 billion. House purchases also rose in August with a total loan amount of more than £7.7 billion across 52,000 loans.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
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