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The global credit crunch continues to squeeze high street lending

Friday 7th March 2008 - 16:57

The mortgage providers are backing away from lending 125 per cent of a property's value, even 100 and 95 per cent mortgages.

The easy mortgage may be coming to an end as the lenders are now asking for 10 percent deposit.  First-time buyers would have to save on average over £17,000 for a deposit. On top of that they would have to arrange for fees and stamp duty adding a further £3,000.00.

The house prices have fallen for four months in a row, dropping by 0.5 per cent in February.The Financial Services Authority said "there are over 1 million homeowners who are due to re-mortgage over the next 18 months".

 

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