According to financial information service Moneyfacts , the conditions attached to mortgages have become more severe in the past month. That means banks are continuing to rein in new mortgage borrowing despite lower interest rates and being bailed out by the Bank of England.
According to Moneyfacts, 64% of all mortgages now require a deposit of at least 25% of the value of the property. That's up from 60% just a month ago.
There are now just 10 deals on offer requiring no down payment at all, and from just two lenders. Moneyfacts stated that the number of deals on offer had been cut by 89% since the start of the credit crunch, and it seems that those remaining deals require tougher UK mortgage hurdles to be crossed before you see your mortgage.
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