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Mortgage lenders 'still demand high deposits'
Most mortgage providers are still demanding high deposits, even thought the rate of new mortgages has started to increase, according to research.
Over two-thirds (68 per cent) of mortgage deals currently on offer require a deposit over 25 per cent, according to financial data service Moneyfacts.
The number of mortgages available has risen slightly from 1,398 to 1,485 over the past month and recent figures have shown the first signs of a reverse in the house price downturn.
Mortgages that offer loan-to-value ratios of 85 per cent have also increased from 237 to 258 in the past month.
David Hollingworth, of London and Country Mortgages, said "The increase in deals with a 15 per cent deposit could be due to lenders reducing the number of, or withdrawing altogether from, deals with a ten per cent deposit."
Yesterday, Europe's biggest lender HSBC announced plans to entice first-time buyers with a 90 per cent loan-to-value mortgage.