Low deposit mortgages continue to plummet

Low deposit mortgage products have been hit hard since the pandemic struck the UK earlier in the year. According to Mortgage Solutions, in March borrowers looking for a mortgage with a 10% deposit had a range of 779 products to choose from. Fast forward 6 months to September and the impact of COVID-19 on the market has reduced the range of choice down to just 62 products. The mortgage market has undoubtedly been impacted amid all the financial uncertainty this year and even the amount of higher value deposit products have dropped by almost 30%.
House prices have weathered well despite all the turmoil and strong demand means it’s not all bad news for those already on the property ladder. David Thomas, chief executive of Barratt Developments says “Covid-19 had a significant impact on our results. But we are seeing very strong consumer demand, and our robust financial position means we enter the new financial year with cautious optimism." Read more here.