| From Propertywire.com: Choice in the UK mortgage market is lower than ever and the cost of arrangement fees rising, according to the latest information. With mortgage approvals at a record low in August the UK's leading consumer watchdog is warning that low interest rates are masking escalating mortgage fees and urging people to shop around. But even so the number of products makes finding a good deal difficult.
First time buyers without a sizeable deposit are left with just 36 mortgage deals on offer. And overall there are 80% fewer mortgage deals than a year ago for first-time buyers wanting to borrow over 90% of the value of a property. To qualify for one of the best buy mortgage deals on the market, a 20% deposit is now required meaning first-timers have to have £37,000 in the bank, according to data from online mortgage company mform.co. Other figures back up the dismal picture. 'This time last year, 74.2% of the mortgages were available for borrowers with a deposit of 10% or less..... Full Article: Source
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