From This is Money:
The loans appear available, but when borrowers apply, they are turned down. Brokers say this is especially true of the few loans available to first-time buyers with small deposits and younger borrowers, which are in practice almost impossible to obtain.
Several banks and building societies, including Abbey, Cheltenham & Gloucester, Halifax, the Post Office, RBS NatWest and Yorkshire Building Society, advertise mortgages with only a 10% deposit.
But brokers say that borrowers are being rejected even when they have an excellent credit history, stable job and high salary. This comes as figures last week revealed that mortgage lending had fallen almost 50% since last year and was at its lowest level since 1974.
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Arieh Zucker, at mortgage broker Windfall in Horsham, West Sussex, says most of his clients without a 15% to 20% deposit have been rejected by lenders, despite higher loan-to-value deals being widely marketed.
‘It would appe…
June 8th, 2009 at 10:08 am
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