Triz
05-04-2020, 11:08 AM
Well this is a bit crap -Was hoping to move out this year into a bigger and nicer house...
https://www.financialreporter.co.uk/mortgages/alifax-withdraws-all-mortgages-above-60-ltv.html?fbclid=IwAR1rHspvsb1M0LqN1aq3KdfVSyC26SUd gh-U6Oo0QLggyoF4AgWFxTqhlSI
Basically Lloyds and it's intermediary brands have withdrawn all mortgages above 60% - So instead of the previous (roughly) 10% deposit required to purchase a house, which was already a challenge for most of us... has now been increased to you needing a whooping 40% deposit in order to purchase a house!
Depending upon where you live obviously, a nice modest house here where I live (2 bed, terrance) would set you back about 140k - Now you'd need £56,000 in your bank (or in equity) in order to purchase a house!
Hopefully this doesn't last long! - If you're saving up for a mortgage, don't let it put you off, hopefully it'll all stabilize in a few months (I hope)
At present it's only Lloyds, however all banks are expected to follow suit.
https://www.financialreporter.co.uk/mortgages/alifax-withdraws-all-mortgages-above-60-ltv.html?fbclid=IwAR1rHspvsb1M0LqN1aq3KdfVSyC26SUd gh-U6Oo0QLggyoF4AgWFxTqhlSI
Basically Lloyds and it's intermediary brands have withdrawn all mortgages above 60% - So instead of the previous (roughly) 10% deposit required to purchase a house, which was already a challenge for most of us... has now been increased to you needing a whooping 40% deposit in order to purchase a house!
Depending upon where you live obviously, a nice modest house here where I live (2 bed, terrance) would set you back about 140k - Now you'd need £56,000 in your bank (or in equity) in order to purchase a house!
Hopefully this doesn't last long! - If you're saving up for a mortgage, don't let it put you off, hopefully it'll all stabilize in a few months (I hope)
At present it's only Lloyds, however all banks are expected to follow suit.