First-time buyers left without mortgage options

Lloyds, Barclays, Santander, NatWest, HSBC and TSB have all scrapped loans for borrowers with a deposit of 10% or less, while some are even restricting applicants from using money from parents or grandparents. It is believed to be the first time since records began that this has happened. Lenders are being swamped with mortgage applications from other types of buyers, such as older and wealthier people who are upgrading to a larger home in the country. Surging demand has left borrowers facing a 30-day wait to have mortgage applications approved.

Daily Express (14/09/2020)

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