England’s first-time buyers with 10% deposit struggle to find mortgage

First-time buyers in England are being locked out of the recently reopened housing market because there are hardly any mortgages available to those who can only manage a 10% deposit, it emerged this week. Mortgage lenders have been busy pulling home loan deals catering for those homebuyers looking to borrow 90% or more of the property’s value, with some saying they simply could not cope with the unprecedented demand. It was a month ago that the housing market in England was given the green light to reopen after seven weeks of lockdown. However, some commentators are saying that if first-time buyers cannot get mortgages big enough to buy homes, then the property market will stall and prices will fall.