UK Money News
28th February 2008
Lack of deposit costs buyers dear
Those looking to make their way on to the property ladder could find it even more difficult despite signs that the rapid house price growth of recent years is cooling and the cost of borrowing may yet fall.
That is the message from one online mortgage broker, which says that a tendency towards higher deposits could mean more heartache for would-be homeowners.
Charcol's Katie Tucker said that the signs were that the mortgage market was readjusting, adding that she expected the housing market will follow.
"The accommodating lending criteria of the last decade has allowed many people to buy who otherwise wouldn’t have been able to, which has helped push property prices through the roof," she said.
"Following last weeks mass withdrawal of all mortgages that allowed you to borrow more than the value of your property, first-time buyers with no deposit, or existing debt will find it difficult to buy now. "
Predicting that more parents would be forced to help their children raise the necessary deposit, Ms Tucker's forecast echoes news from Abbey Mortgages, which says parents are spending £5,874 on average in order to help their children secure a property.
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