UK Money News
12th June 2008
First time buyers forced to raise higher deposits
First time buyers are being forced to raise higher deposits as lenders continue to tighten their lending criteria, it has been revealed.
Figures from the Council of Mortgage Lenders (CML) show that during April the average deposit put down on a first home was 13 per cent.
This is the highest level recorded by the CML for more than three years.
The data also revealed that the number of loans granted to first time buyers stood at 18,500 during April - a 36 per cent fall from the same month last year.
CML director general, Michael Coogan, said: "The squeeze on mortgage funding has led many lenders to tighten their lending criteria. While tighter criteria make it more difficult for some borrowers to obtain a mortgage, they also reduce risk in a slower housing market.
"There has been a resurgence of fixed-rate lending as borrowers are seeking certainty. This trend is likely to continue as the anticipation of future Bank base rate cuts has diminished."
back to June's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
