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Mortgages -
Harsh times for homebuyers as lenders increase deposits - 04/03/2008
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Lenders are increasing the amount of deposit needed from homebuyers by 25 per cent of a property’s value. Making it hard for first time buyers to fork out the money in order to get a good mortgage deal.
Nationwide Building Society, the UK’s second biggest mortgage lender, who made the increase last week said it had to do so because of the credit crunch.
A Nationwide spokeswoman said, “The cost of funding in the market is higher and the housing market is cooling. Like a lot of lenders we have to adapt to these changes. It's to do with the market conditions at the moment,” reported the Press Association.
Nationwide is not the only lender to increase the deposit borrowers need; other lenders are following the same regime. Within the last week the number of lenders offering 100 per cent mortgages fell by a third, reported the Press Association.
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