20 Jul

Mortgage market means 'more money for deposits'

Mortgage market means 'more money for deposits'

A new survey has revealed that saving up enough money for a deposit has long been the most popular method of securing a home.

Research conducted by moneysupermarket.com shows that of all the current homeowners questioned, 47 per cent said they saved until they could afford to buy their own property.

However, this does mean people may have to be very careful with their money if they are looking to secure a house in today's financial climate.

The price comparison website notes that as the number of available mortgages deals went down over the past year, a deposit of 25 per cent is usually required.

Louise Cuming, head of mortgages at moneysupermarket.com, says: "Lenders need to concentrate more on assessing the affordability of the mortgage on a case by case basis and less on the size of the deposit if they are serious about improving the mortgage market."

In related news, Equifax recently warned people not to exaggerate their financial situation on a mortgage application as they will eventually be found out.
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